[Resolved]  India Infoline Finance [IIFL] — Overcharging of gold loan interest

Address:	New Delhi, Delhi, 110096
Website:	www.iifl.com

I borrowed a gold loan of rs. 27, 000 from the company and regularly paying an interest of rs. 435 (monthly) and my interest due date is 19th of every month. On 15th of this month i received an sms from the company that i will pay rs. 567 as interest for the month april 2017 and must be paid by 19th may 2017. Immediately i contacted the branch manager for clarification of overcharge of interest. The branch manager mr. Ganesh nautiyal told me that i didn't renew my loan and tenure is expired and must visit the branch immediately. Yesterday i have visited the branch and talked to the manager regarding the matter and want to pay the interest amount, but he refused th accept the amount of rs.567, now he is demanding rs. 1030 for interest and rs. 3000 (minimum) for gold rate evaluation. How it is possible rs. 1030 as interest for month for loan amount rs.27000/-?