Cholamandalam Investment & Finance Company Limited — Foreclosure letter not received

Address:	New Delhi, Delhi, 110007
Website:	www.cholamandalam.com

I requested for a foreclosure letter (Dated 8th march, 2016), details pertaining to which are as under: -

Loan account no - x0hedhe[protected]
Loan amount[protected]
Emi (Rs.) - 259954/-
Tenure - 156 months
Sanction date - 31st january, 2011

Loan account no - x0hedhe[protected]
Loan amount - 8500000
Emi (Rs.) - 119486/-
Tenure - 144 months
Sanction date - 31st july, 2013

Loan account no - x0hedhe[protected]
Loan amount - 2300000
Emi (Rs.) - 34750/-
Tenure - 120 months
Sanction date - 31st october, 2014

I had to take endless follow ups in last 45 days before i was eventually asked to visit their "karol bagh, new delhi branch office" on 20th april, 2016.

I am in complete shock & utter disdain to learn from your branch personnel that i need to pay 4% foreclosure charges to prepay my loan amount which is not only unjustified but also unethical. For your kind information, i got all three loans sanctioned to me in my personal name (Soft copies of the sanction letters were shared with the lender). Therefore, i am not, by any means, supposed to pay any foreclosure charge (Reference to the rbi circular rbi/2013-14/ 582 dbod. Dir. Bc. No. 110 /13.03.00/2013-14 dated 7th may, 2014 was also sent to the lender)

I also gave reference to the rbi circular no. 2012-13/416/dnbs.Cc. Pd no. 320 /03.10.01/2012-13 dated 18th february, 2013, wherein the reserve bank of india (Rbi) has revised the guidelines on fair practices code for nbfcs to implement the same.

This policy applies to all customers including those with any complaints/enquiries as posted on social /any other media and encourages all customers to reach out to the requisite authorities as per the "grievance redressal mechanism".

The above matter was escalated to their gro (Grievance redressal officer), mr. Krishnakumar k. P on 21st april, 2016 requesting his kind intervention to provide the much needed "foreclosure letter" without any further delay on their part.

In the absence of getting any response from the lender, i am constrained to escalate the matter to the higher authorities/legitimate institutions of your stature to fight for my cause.

I am facing terrible mental harassment since last month on account of which i am not able to carry out my business operations effectively which is adding up to my agony.

Hope to receive your immediate attention/response at the earliest on priority.


Yours sincerely

Naveen jain