Fullerton India Credit — Foreclosure of my Loan account

Sep 02, 2022

Updated by Pardeep08 I am Pardeep Goyal, have taken loan against Property in 2016. Now, I want to foreclosure my loan account ([protected]) for which after multiple follow ups, escalation emails, calls, I received an email regarding the foreclosure charges on August 30 where they levied approx. 1, 09, 810.66 (incl. GST) INR. Based on RBI guidelines, no financial/non- financial institution is supposed to charge foreclosure charges on any term loan and, I can see a note on Fullerton’s website stating, "No Foreclosure Charges will be applicable on any floating rate term loan sanctioned for purpose other than business to individual borrowers with or without co-obligant(s)". Since, my loan is also a Floating rate loan taken for personal use, so, firstly, I want to understand why they levied Foreclosure charges on me. Secondly, who is responsible for interest rate accumulation during this period. Thirdly, Fullerton increases interest rate so frequently that in this life, I won’t be able to repay my loan if I want to pay for the full term. So, request you to kindly reverse the foreclosure charges and waive off this interest rate during follow up period and share the revise letter with updated foreclosure charges and waived off interest rate asap as interest is getting accumulated each day.