[Resolved]  SAGAS CONSTRUCTIONS — Ref: Loan A/c No: 4293265

Ref: Loan A/c No: 4293265
This is with reference to your Computer generated letter dated 18th July 2008 received on 11th August 2008.

I would like to recall your last letter on 25th January 2008 about increase in rate of interest from 13% to 13.5% p.a.

Now, I was shocked to note that without any prior notice/intimation you have increased the rate of Interest from 13.5% to 14.95% p.a. prior to 05th August 2008.

I am displeased in your functioning and just because you have given a loan, you cannot hike interest rates even without informing us.

I am a prompt payer of the EMI. I am now stopping further EMI’s from 05th September 2008 and instructing my bankers accordingly. Please forward me the current statement of balance payment due to you upto 05th August 2008 as I have received the letter dated 18th July 2008 only now, intimating the exorbitant increase rate of interest.

After receipt of your statement of accounts and after obtaining clearance from my Auditor, I shall settle the entire balance in my loan account at the Old Rate of Interest immediately.

And when making full and final settlement of my loan account, I need all the original documents.


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Aug 14, 2020
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