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Five Star Business Finance Ltd — unfair emi calculation on loan

Date of Incident: 20-Mar-2018

Sub: Wrong calculation on loan interest / EMI Calculation

My uncle has taken a loan from " Five Star Business Finance Ltd" Karimnagar Branch an year back and as per the agreement, interest rate was concluded with 16% P.A and for the loan amount of 500000/- INR.
Later after an year, we released "Five Star Business Finance Ltd" is been charging more than decided rate of interest. Please find the details below.

Loan Amount : 500000
Tenure: 84 Months
Interest Rate : 16%

With the above rate of intrest, EMI must be 9931 INR per Month

But "Five Star Business Finance Ltd" is charging 12620 INR Per Month and it comes close to 25% P.A (rate of interest) [Please refer the attachment, i have enclosed some sample calculation using EMI Calculator]

Which is totally inaccurate in the calculations and they cheating customers using there innocence and if we open-up by asking statement/ balance details, then next minute they will turn rude and start abusing with un-parliamentary behavior and also they are not willing to share those details with customer.

We request consumer forum for justices and we have strong hope on you. Please do the needful.

Your Faithfully
Pradeep
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Mar 20, 2018
Updated by [email protected]
Sorry for the Typo error,
Please replace released with realized "Five Star Business Finance Ltd" is been charging more than decided rate of interest. Please find the details below
Mar 21, 2018
Updated by [email protected]
Missed 1 attachment

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    Contact Information

    Karimnagar
    Andhra Pradesh
    India

    Complaint categoryCategory: Loans
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