[Resolved]  Home Credit India Finance — Fraud personal loan looting only money from the middle class customers.

Address:	110016
Website:	homecredit.co.in

Respected Sir/Mam,

I have taken a personal loan from "Home Credit India" on March 2016. They have provided me with a personal loan of 1 Lac rupees (Rs.97, 000/- received after documentation fee).
Their interest rate was too much high than the market rate but since I was need of money so I agreed to pay 34.80% per annum (2.90% every month). I took this loan for 24 months.

Also I have told the sales executive that rate of interest is too high, Can I foreclose the account anytime ?

Their Salesman (Over the Phone) said you can foreclose the account only after 6 months and their will be no extra charges to close the account permanently.

I agreed over the phone they I do have my documents which was already with them because I was the existing customer too.

I agreed to pay Rs. 7079/- on every 3rd of the Month and the loan sanction to me for 24 months (Duration) but I was told that I can foreclose it after 6 months.

After when I contacted them on the 7 Month (Oct 2016) when I asked them that how much is the balance due own me so I can permanently close this account and the executive over the phone said Rs. 85, 000/-, after that I was like what ?
Till that time I have paid them nearly 50, 000/ but still they were asking me to pay 85, 000/- I have ask them about the calculation many times but every time they said it's a computer generated amount and did not explained the full calculation.

Now, its been almost an year till today (Feb 2017) I have paid them about Rs.77, 869 (11 EMI's) but in order to close my account they are asking me to pay Rs.70, 500. (7079*11=70, 500)

I am very disappointed now and I have left my job on Jan 2017 and if I do not repay them, their customer executive says that they would take legal actions if not pay their EMI.

Kindly help me please because they are charging very high interest rate and not telling me the the real calculation of foreclose amount.
According to my calculation take a look below:- Home Credit Loan No. - [protected].

Loan amount - Rs. 1, 00, 000/- (March 2016) Received only Rs.97, 000/- (Rs. 3000/- documentation fee)
Rate of Interest - 34.80%
Duration - 2 years (24 Months)
EMI per month - Rs. 7079/-

Paid 11 EMI's till 3rd Feb 2017.
Rs.7079 x 11 EMI (Paid) = Rs. 77, 869
Loan amount Rs. 1, 00, 000 – Rs. 77, 869 = Rs. 22, 131/- Remaining balance.

But they are telling me to pay Rs. 70, 500/- to close my account. I am so much frustrated and disappointed kindly help me please.

Thanks and Regards
Ram Bahadur
[protected] (New Delhi)