[Resolved]  Fullerton India Credit — personal loan - noc pending

Mar 02, 2018

Updated by pnmurthy I am taking the pain of explaining the whole issue despite the mental and financial agony you (Fullerton India) have caused me. I have taken a personal loan from M/s Fullerton finance co., with the Loan Customer ID: 1794773 for an amount of Rs.60, 000/-(Rupees Sixty Thousand only) with 48 months repayment duration. I was paying my EMI s regularly through ECS. As my banker closed their service with my employer, I was unable to proceed paying the instalment through ECS. I have approached M/s Fullerton finance co, SRP Koil branch (My loan is with this branch), and explained the situation to the executive in charge (Mr. Sabapathy at SRP Koil Street) along with a letter explaining the same in detail. I have requested him to not to present the cheque for withdrawal. He then instructed me to pay the instalment through cash mode at the branch and that he will reverse any cheque bounce charges incurred due to the cash payment. Later when the branch is closed, your executives were collecting the money from me on monthly basis. With this arrangement in place, I have paid my EMIs regularly without any default till the end of the 48 months. When I approached the Manager (Dakshina Moorthy / Raj Kumar) at Maduraivoyal branch on 14th May, 2013, he insisted to pay 2 instalments. After the payment is complete, he assured me that the NOC papers would be sent to my address. However, there has been no correspondence from them regarding this. I approached them again for the “No Due Letter” and they have assured that it will be delivered through courier. Having waited long enough for the “No Due Letter”, I wrote an email explaining the above matter to the email team. None the less, I have received an email saying that a payment of Rs.23937/- is due. I have then written another letter attaching the scanned copy of the account statement and copies of the payment receipts. They in turn sent me an email reducing Rs.5000/-(Rupees Five Thousand) in the charges. In response, I have expressed my unwillingness to pay the amount, as it is not my fault. Despite my repeated, detailed explanation of the events, you are just causing me metal and financial stress by delaying the issuance of the NOC. In all the 18 statements issued after the initial arrangement to pay by cash each month at the SRP Koil, there are cheque bounce charges and Rs. 225/ as bounce charges(per cheque). These charges together does not exceed INR 4050/-. Coming to my financial situation, I am employed with a low monthly income and every rupee you try to extract from me is an unbearable burden. Even after displaying all the payment receipts, why are you trying to plunder me? This is totally unacceptable and if you prolong the resolution of the issue, I am left with limited options to achieve a resolution. I have already logged a complaint with the consumer forum, banking ombudsmen and also I will be looking to proceed with legal formalities. I am not looking for the same 10 days SLA for your response, instead I would like someone higher in the company with authority to conduct with proper investigation and issue the NOC.