[Resolved]  Capital First — Foreclosure Charge

Address:	Chennai, Tamil Nadu, 600113
Website:	www.capitalfirst.com

This is regarding to my loan account number - 5342605

I have raised my personal loan foreclosure request on 23 Mar 2017. By that time I was told the foreclosure letter will sent to me in 15 days, by that time I am not sure whether it is 15 working days or 15 days. When I called for 2nd second I was told that it will take 15 working days.

Some time on 6 Apr 2017 I got my foreclosure letter in my mail and I was shocked to see the total settlement amount. I again called to the customer care and spoken to the senior person and she confirmed that I will get a updated foreclosure letter by considering the latest outstanding amount post taking the EMI for this month.

During all my calls I have discussed the following things with capital first customer care.

Some day during last year I think during the month of Nov 2016 I called to the customer care and spoken about the foreclosure, by that time the executive who spoken with me had given the final settlement amount instantly and also that told if I close the loan within one year the foreclosure charge will be 4% and if we close after 12 months then the foreclosure charge would be 3%. Important point the final settlement amount was given during the call itself. Finally I though I will close after 12 months to save 1%.

Second time I called on 23 Mar 2017 to check the final amount that I need to pay for my personal loan foreclosure, but shockingly I was told to wait for 15 days to get the foreclosure letter. After having a very long discussion I was convinced and kept the phone without confirming my loan foreclosure request.

On the same day I again called and spoke to an another person, while discussion with him he confirmed that my foreclosure charge is 3% and after this I have placed the request for my personal loan foreclosure.

Third time on 4th or 5th of this month again I called and spoken to the customer support person and to one of the senior person as well. On that day also I had a discussing on my foreclosure.

On 6 Apr 2016 I received my foreclosure letter which had the outstanding amount of last month but my EMI for the Apr 2017 was debited from my account on 5th itself. Again I called to the customer care and spoken on this to the customer support person and to one of the senior person as well. During our discussion she told that charges has been revised by the bank from Apr 2017 onwards, by this time I have clearly told to the senior person that my foreclosure charge would be 3% and this should consider my outstanding post Apr 2017 month ECS. She also agreed on this.

Today (11 Apr 2017) I received a call from one of the senior person from capital first to have a discussion on the latest foreclosure letter. In this letter I was charged 5% as a foreclosure charge and when I ask him about he says for business loan they will charge 5% only then I said I have not applied for a business loan. After having a discussing regarding the loan type, latter he says I need to pay 5% only because the letter was generated by this month. Bank will not consider the request date, this is totally unacceptable.

Note: When I called during Mar 2017 by that time also they have changed the foreclosure % by that time I told I am not a new customer and also I told that for me charges should be applied as like what it was when I signed the agreement copy. But when I called this time they are saying that the charges were changed from this month only.