[Resolved] India Infoline Finance [IIFL] — rate reduction request

 
2 Reviews
 aniniks88@gmail.com on Oct 4, 2017
Dear sir/madam,
I anil shetty, home loan customer of your bank having loan account no. 727325. As per the govt interest rates of home loans are cut down to 8.0-8.35% but still your bank is charging me 9.65% interest rate since last year. Multiple requests were sent via email to change rate of interest, as early as possible. When i spoke with branch officer @ thane branch (Tauseef) in july/2017. He advised me to wait for 3 months ecs deduction from my new bank a/c after which i can avail the benefit of low interest rate. As per last discussion i tried requesting to reduce my rate of interest after 3 months. A customer service agent name swatranta desai from gurgaon (Head office of iifl) called in on 29/sep stating iifl has agreed upon roi @8.60% on my a/c. Since the current market rate is roi 8.35% i demanded the same instead 8.60%. She asked me for couple days of time so that she can take an approval from her manager in a meanwhile. After waiting for 4 days with no calls today on 04/oct when i called her she refused to reduce my roi stating her manager is not approving it due to my previous bounce check and she upfrontly said "sir if u want to foreclose your ac i can do it for you right now" after listening to that i was stunned, and was wondering is this the way iifl provide the service to their customer. Below are the email attachment of my previous conversation, begging iifl to help me when i was unemployed, but they never helped me in my bad time and kept on charging the late and bounce fees

Hoping to get a positive revert from concerned department of iifl.

Complaint marked as Resolved Nov 11, 2017

Complaint Status


[Oct 04, 2017] India Infoline Finance [IIFL] customer support has been notified about the posted complaint.
Verified Support
India Infoline Finance [IIFL] Customer Care's response, Oct 05, 2017
Anil Shetty Sir,

We have again raised this issue to concerned dept.
Requesting you to give us sometime for the feedback.

Regards,
Team IIFL.
Updated by aniniks88@gmail.com, Oct 05, 2017
Requesting IIFL to work on this at the earliest.
Before i post the above conversation on all social networks.
Verified Support
India Infoline Finance [IIFL] Customer Care's response, Oct 06, 2017
Anil Shetty Sir,

We have already raised this issue to concerned dept.
Requesting you to give us sometime for the feedback.

Regards,
Team IIFL.
Verified Support
India Infoline Finance [IIFL] Customer Care's response, Oct 07, 2017
Anil Shetty Sir,

We have tried calling you on your registered no. multiple times but you seems to be busy. Kindly share your alternate no. or preferred time to speak to you.

Else, you can call us on[protected] or mark us a mail on reach@iihfl.com

Regards,
Team IIFL.
Updated by aniniks88@gmail.com, Oct 08, 2017
I never received any calls, however you can call me anytime at [protected]/[protected]
Updated by aniniks88@gmail.com, Oct 09, 2017
Still not received any calls
Updated by aniniks88@gmail.com, Oct 11, 2017
Guys don't ever take Home Loan from this cheater so called bank. They give false commitments n later charge you extra money n when you will call them they will only give reasons n excuses, instead of help.
Updated by aniniks88@gmail.com, Oct 11, 2017
I had my gold loan also with this cheater bank n m going to close both my accounts plus home loan
Verified Support
India Infoline Finance [IIFL] Customer Care's response, Oct 11, 2017
Anil Shetty Sir,

We hope that you have received a call back from our senior officials & your query is addressed for the resolution in detail.

Regards,
Team IIFL.
Updated by aniniks88@gmail.com, Oct 11, 2017
I received call from someone but he listened to all my problem quietly gave sympathy and said he can't help at this time. wherein I was expecting cooperation with IIFL its a high time in athe month I will foreclose all my acc's with this cheater bank.
Verified Support
India Infoline Finance [IIFL] Customer Care's response, Nov 11, 2017
Anil Shetty Sir,

We understand that you have received a call back from our senior officials & your query is addressed for the resolution in detail.

Regards,
Team IIFL.
Updated by aniniks88@gmail.com, Nov 22, 2017
Feeling so helpless banking with IIFL which can't be expressed. After a Month and half received an approval of ROI 8.50%, wherein the market rate is 8.35% plus 5000/-rs extra stating switch fees check below email:
Dear Customer,
Greetings from IIHFL!
Loan account number : 727325
With reference to your request on our mobile app, we would like to inform you that your request for revision in rate of interest to 8.50% per annum has been considered, subject to payment of switch fee of Rs 5000/- (+GST) . We hereby request you to kindly get in touch with our local branch officials for submission of necessary documents and written application along with payment of switch fee & due amount if any(Bounce/Penal charges or EMI/Pre-EMI) in order to process further.
In case you need any further assistance, we request you to kindly get in touch with us on[protected] or you can write us at reach@iihfl.com Please use your Loan Account Number in all future communication with India Infoline Housing Finance Ltd.
Thanking You
Yours Sincerely,
Jessy David
IIHFL

I don’t understand why do a person has to pay extra fees to reduce the interest rate which is declared by RBI. I have my colleagues who have Home Loan from Nationalize bank in which the ROI was automatically reduced, they didn’t even called the bank to request for ROI reduction. I’m big time tricked with this bank. I also tried checking all the RBI FAQS, to know about switch fees when the ROI is reduced by RBI/Government, but I failed to find a single answer. I request IIFL to show me something on papers about switch charge when the ROI is reduced by government. I remember the last ROI switch 9.90 % to 9.60 %, which was done by IIFL without any fees. Why was the switch fee not charged earlier?

Also need an explanation on why do I have to pay 8.50% ROI when the Market rate is @ 8.35%?
As discussed every time, I get to hear that my ECS was returned but no one from IIFL noticed that I went under a SPINE SURGERY which costed me 2 Lakhs approx. (ATTACHED DOCUMENTS along with Medical Bill) and was on bed rest had lost my job for an year still managed to pay the EMI in the same month. I approached help from thane branch contacted Shyam Kedar from collections for Support but I only got false commitments stating that he will raise a request to waive off my bounce fees and over charged fees, which never happened till.
3 simple things I want from IIFL i.e.
1. ROI to be reduced @ 8.35%
2. Bounce and over charged fees to be reversed (Attached supporting Documents claiming the same)
3. There shouldn’t be any Switch fees coz this was government declaration ROI.
NOTE: Please find attached documents.

Hope IIFL takes my request on a serious note and approve all the above request for better business in future.

I will fight for the rights till last breath and will spread this as much as possible.

Regards,
AnIl Shetty.

rate reduction request
rate reduction request
rate reduction request
rate reduction request
rate reduction request
rate reduction request
rate reduction request
rate reduction request
rate reduction request
rate reduction request
rate reduction request
Updated by aniniks88@gmail.com, Nov 22, 2017
Feeling so helpless banking with IIFL which can't be expressed. After a Month and half received an approval of ROI 8.50%, wherein the market rate is 8.35% plus 5000/-rs extra stating switch fees check below email:
Dear Customer,
Greetings from IIHFL!
Loan account number : 727325
With reference to your request on our mobile app, we would like to inform you that your request for revision in rate of interest to 8.50% per annum has been considered, subject to payment of switch fee of Rs 5000/- (+GST) . We hereby request you to kindly get in touch with our local branch officials for submission of necessary documents and written application along with payment of switch fee & due amount if any(Bounce/Penal charges or EMI/Pre-EMI) in order to process further.
In case you need any further assistance, we request you to kindly get in touch with us on[protected] or you can write us at reach@iihfl.com Please use your Loan Account Number in all future communication with India Infoline Housing Finance Ltd.
Thanking You
Yours Sincerely,
Jessy David
IIHFL

I don’t understand why do a person has to pay extra fees to reduce the interest rate which is declared by RBI. I have my colleagues who have Home Loan from Nationalize bank in which the ROI was automatically reduced, they didn’t even called the bank to request for ROI reduction. I’m big time tricked with this bank. I also tried checking all the RBI FAQS, to know about switch fees when the ROI is reduced by RBI/Government, but I failed to find a single answer. I request IIFL to show me something on papers about switch charge when the ROI is reduced by government. I remember the last ROI switch 9.90 % to 9.60 %, which was done by IIFL without any fees. Why was the switch fee not charged earlier?

Also need an explanation on why do I have to pay 8.50% ROI when the Market rate is @ 8.35%?
As discussed every time, I get to hear that my ECS was returned but no one from IIFL noticed that I went under a SPINE SURGERY which costed me 2 Lakhs approx. (ATTACHED DOCUMENTS along with Medical Bill) and was on bed rest had lost my job for an year still managed to pay the EMI in the same month. I approached help from thane branch contacted Shyam Kedar from collections for Support but I only got false commitments stating that he will raise a request to waive off my bounce fees and over charged fees, which never happened till.
3 simple things I want from IIFL i.e.
1. ROI to be reduced @ 8.35%
2. Bounce and over charged fees to be reversed (Attached supporting Documents claiming the same)
3. There shouldn’t be any Switch fees coz this was government declaration ROI.
NOTE: Please find attached documents.

Hope IIFL takes my request on a serious note and approve all the above request for better business in future.

I will fight for the rights till last breath and will spread this as much as possible.

Regards,
AnIl Shetty.

rate reduction request
rate reduction request
rate reduction request
rate reduction request
rate reduction request
rate reduction request
rate reduction request
rate reduction request
rate reduction request
rate reduction request
rate reduction request
Updated by aniniks88@gmail.com, Nov 30, 2017
Happy to see the carelessness of this so called financial company I m dealing with. Soon gotta forward this email to escalation head of IIFHL.
Updated by aniniks88@gmail.com, Dec 05, 2017
Since there is no response since long.

Ready to post the issue on Twitter looping Finance minister. Who himself reduced the ROI and all possible government authorities. As IIFL doesn't have answer to my question, I thing i have all the rights to ask the Indian authorities to whom i pay tax and vote.
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Comments

मेरा रिटेलर नंबर [protected] है
दो महीने से ज्यादा हो गया है
अभी तक मेपिंग नही हुवा है
India Infoline Finance [IIFL] Customer Care's response, Oct 11, 2017
Verified Support

Dear Munesh Sir,

We request you to post the complaint to the correct forum to route your query/issue for the resolution. Else, you can call us on Customer Service No. 022-40071000 or mark us a mail on cs@indiainfoline.com for your concerns.

Regards,
Team IIFL.
aniniks88@gmail.com's [Complaint's author] reply, Oct 11, 2017
No customers are satisfied with this bank

All it shows below 32% customer satisfaction rate

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    India Infoline Finance [IIFL] - rate reduction request