[Resolved] Fullerton India Credit Company Limited — Fraud, Cheating and misbehavior

 
8 Reviews
India
 G Kiran Kumar
This is the complaint against Fullerton India Credit Company Ltd., These people approached me before six months asking me to apply for the personal loan in their company, but I was not interested in taking the personal loan from these people, as I was trying to take the loan in other banks with lesser interest rate, these people at that time said that the interest rate of their company is very less compared to others. They said the rate of interest is very low i.e. (0.60 to 0.80) will be charged.

They after seeing my bank statements has said I will be given Rs.75,000/- (Rupees Seventy Five thousand only) as loan amount, when I asked for the EMI’s and other information they said that they are calculating and they will tell the information afterwards. After two days they called me and told me that the Cheque was received and asked me to collect it, when I reached their office, they issued a Cheque in which the amount is Rs.69311/-(Rupees Sixty Nine thousand three hundred and eleven only) when I asked about it they said the rest of amount i.e. Rs.5689/- (Rupees Five thousand Six hundred and eighty nine only) was taken for the [Insurance + processing fee] = [Rs.2888/- + Rs.2801/-]. When I rejected to take the Cheque they threatened me by saying that I have already given them cheques for Electronic Transfer and even if I do not take the Cheque the EMI will be deducted from my account.

They said that the Insurance can be claimed by me in two ways i.e. 1. In case of death, it can be claimed, 2. In case of job loss I can claim the insurance and behalf of me the company will be paid three months EMI by the insurance company.

They said the EMI is Rs.3435/- (Rupees Three thousand four hundred and thirty five only) which is much higher interest rate than what they promised to me earlier. When I asked about that they said it will be gradually decreased. They also said I have to pay Rs.3435/- for 36 months, in which the (Interest + Actual amount) will be there.

When I approached for Insurance claim they used unparliamentarily words and have threatened me. Now they are saying that I can not claim the policy (But as per policy rules I can claim). They even have not given me my policy document.

Now they are saying the first six months will be taken as only interest i.e. (Rs.3435/- X 6 months = Rs.20610/-) will be taken as only interest. This they never said to me before. First they said actual amount and interest will be there in from the first EMI.

When I am issuing Cheque they are not allowing me to put the name of the company and are saying that if some mistake is there the Cheque will be bounced. They are misusing my cheques by transferring the amount from my account into their personal account which is also illegal.

When I intimated all these to their Head Office through email those people don’t even bothered to give response.
Complaint marked as Resolved Aug 31, 2019
Verified Support
Fullerton India Credit Customer Care's response, Jul 31, 2019
Hi Kiran, we regret the inconvenience caused to you. We request you to share the loan account number or registered contact details with us on [protected]@fullertonindia.com mentioning 'Consumer complaint' in the subject line for our official to connect and assist you - Fullerton India.
Complaint comments  7 Comments     Updated: Share0Tweet0

Comments

hi dear ...your complaint is absolutely correct ...i have also taken a loan of rs. 50000 from the same company ...and i am facing the same problem ...initially they commited me rate of interest of 2.25% permonth for 6 months and after every six months this was to be reduced ...but wen i requested them to reduce the interest after six months ..they refused everything ...i have paid 15 installments @ 2868, ...but now i have stopped payin installments ...they are threatening me that they have blank cheque with them ...my contact no. is [protected] ...plz suggest me wat to do ...
Hi There!

Same is the case with me. i have taken a loan of Rs. 50000 (2 yrs back). i have paid 14 EMIs of Rs. 2523 each and after that i have done a part closure by paying 25000. as per my calculations, i am suppose to pay Rs. 60000 as interest rate was 20% which these guys have commited when i have taken a loan. But now Im receiving calls that i still have to pay Rs. 30000. and till date i have not received my welcome kit and policy documets and these guys are threatening me they have my cheques and they will take legal action. But why, i have cleared all my dues.. i owe no money to them...Plz help me how to get rid of all this...
I really have a doubt if this Indian consumer complaints forum website is working or not. If this Governmently owned website is really working, Fullerton should have been closed for sucking others hard earned blood in the form of money.
I have same case wd me also ..how to stop these basr-tered
Hi. I am another who was cheated by the Fullerton India. I approched them at my home branch Puducherry for availing a loan of Rs.75, 000. After seeing my salary certificate, three days later they called me and gave a cheque of Rs.36, 282.When i enquired about it they said Rs.40, 000 loan was sanctioned for me. I said i dont need it and i will approach any other branch for 75, 000 loan. But they said that this amount will however be added to your SB A/c and EMI will bw deducted.
Out of 40, 000 they took 2219 as my EMI for Sept-2007 and 500 as Processing fees and 999 as Insurance.I asked for interest rate, and i was replied i will be informed in two days.
But even after three years, till today i was not told about my interest rate. When i approached them in person, i was said, " Internet Server not connecting... this... that...". For about six or seven times i was given the same reply..
Now, by my another friend and internet, i came to know that my interest rate is 57.15%, which is a mere cheating. My loan ends by Feb-2011 and even today they didnt tell my interest rate.
For getting 36, 282 i am repaying 93, 717 which is 133% interest for 42 months. So. i may be given a proper solution for this by someone. Avoid Fullerton, the greatest of all cheat.

Fullerton India Credit Company Ltd — my personal loan emi is wrong calculation.

sir,
my persnoal lone emi is rong calculate my lone amount 101000 and my lone interst rate is 32% and my month peread 48 month but my emi monthly is 4000 but my achule emi is 3700 . please solve my complant.
Dear Friends

Thank you very much for post. i was going to take the personal loan, after reading you post i am not going to take .

once again thank you very much
Bala

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    Fullerton India Credit Company Limited - Fraud, Cheating and misbehavior