IndiaBulls Complaints & Reviews

India bulls is cheating people by increasing home loan interest rate much higher than personal loan.
I took home loan from india bulls in 2017. My loan amount was 23 lakh. After just one year they increased interest rate from 8.75 to 11.75 which is much much higher than personal loan interest rate.
Now now one in india bulls listen to me and emi is getting cut from my bank account based on 11.75 interest rate.
They are not even giving list of documents to transfer my loan to other bank.
Though they are still offering lower rate of interest of 8.35 on home loan for new customers.
8.35 is just trap to catch new customers.

Please take action agInst india bulls.

Thanks
Amar
[protected]

Emi was 2922 and plus bounce charges was 472. I have paid 4381 and excess is not refunded from 9th dec'18. On daily basis they are just giving tat of 24-48 hours but still no update.
Everyday i'm calling customer care they are saying we have highlighted to backend team but no revert from them so again they are taking new complaint but still waiting for reply. Really frustrated with this.

I have taken personal loan of rs 11000 with reference to loan account no. Iperdel01366485.

I had deposited the entire loan amount of rs 11000 in axis bank on 31st oct'18 at 02:22 pm but still my emi are being deducted on 5th of every month.

Utr no[protected]

Details mentioned for your reference :

+

Ifs code - utib0001359

Bank name - axis bank

Account holder name - indiabulls consumer finance limited

Account no - [protected]

I have already sent 14 mails and called 6 times to customer executive regarding the closure of loan account but no positive response received.

Kindly resolve my issue

Regards,
Rohit

I applied for home loan in july'2018 & got confirmation from india bulls that my loan was sanctioned. But at end moment, they declined it & then asked me to get refund of my loan processing fees. After months of follow-up, his executive give me details to get refund. Even after that, there is no response from india bulls regarding that refund & they don't even respond to emails.
Very bad experience with india bulls.

I am ca ramniwas agarwal from hisar (Haryana). I had availed loan against property from ivl finance limited and my loan account number is hilahis00423973 from branch sco -149, gf, red square market, hissar -125001

On 14 june i got welcome letter from indiabulls on my mail id [protected]@gmail.com regarding my loan account in which it was mentioned that rate of interest is 9.5% and total installments would be 180 in number and first installment would be debited on 5th may 2018 which was already debited before 14th june (I. E. Issue of welcome letter on my e-mail). I did not get any documents from indiabulls regarding my loan account earlier on my postal address or email id either.

On 15 june, i got email that my ivl finance limited that my interest rate on loan has been increased by 0.20% with effect from 1st june, 2018 from 9.9% to 10.1%.in it was mentioned that my loan installments has been increased from 190 to 196. I was wondering that how one day earlier i got welcome letter in which it was mentioned that my total loan installments are 180 and roi is 9.5% and the next day i. E. 15th june my roi was 9.9% which has been increased to 10.10% and my number of loan installments has been increased from 190 to 196. That means i did not get any information regarding increase in number of installments from 180 to 190 and increase in roi from 9.5% to 9.9%.

Now, to my utter surprise and disappointment, i got email from indiabulls on 9th october that my interest rate has been increased by 2% with effect from 1st october 2018 making it around 11.4% which is not as per market rates and norms. And it was stated in it that amount of monthly installment would remain same and no. Of installments would increase accordingly. I was shocked and depressed to witness such high increase in rate of interest as it would deeply affect me financially and mentally. I contacted officials of concerned branch from where i had availed loan they straight away refused that your roi would not be restored to original or you can foreclose your loan and pay foreclosure charges at 5% per annum on outstanding principal.

Then i requested for sanction letter and repayment schedule through email dated november 13. Then i got my sanction letter and repayment schedule for the very first time on 14th nov on my email. I was shocked to see the number of installments which was 180 in welcome letter has been increased to 248.

Then, i made complaint through email mode to [protected]@indiabulls.com regarding the unjustified increase in rate of interest on nov 13 and i was allotted a query number sr=[protected]. Then i got reply from them on nov 16 regarding my complaint that rate of interest has been changed as per loan agreement duly executed and signed by you. I agree that rate of interest can be changed as per agreement but it should be fluctuated within reasonable limits as per interest rates prevailing in the market regulated by rbi. They nowhere mentioned in their email that we are increasing your rate as rbi increased rate of interest. A customer will feel cheated and helpless if loan provider is increasing rate of interest by 2% within 6 months of sanction of loan without considering the economical and mental effect it would make on person who has availed loan.

I have also made request for agreement to indiabulls through concerned branch officials and on email to [protected]@ indiabulls.com on nov 18 but still i did not get agreement till date.

Now, i made request for foreclosure of my loan to indiabulls on 18th november through email they are providing me foreclosure letter (Dated 22nd nov) on 29th november after making several requests on email and phone to concerned branch officials.in foreclosure letter, they have mentioned my total liability till 25 nov is rs. 14, 795, 302.24 which is more than amount financed by them in april 2018 i. E. 14, 066, 727.00 after making 7 monthly installments from may to november regularly. And does it take more than 10 days to indiabulls to provide foreclosure letter to their customer.

Now, crossing all the limits of humanity and bear ability, i am getting email on 29th november from indiabulls that further 1% more has been increased in your loan account with effect from 1st november making my rate of interest to 12.4%. Which law or rule allow these so called nbfc’s to communicate to the customer at end of month that rate of interest has been increased with effect from starting of the month.
I am really feeling that indiabulls has cheated me and trapped me in its vicious cycle to the maximum extent as 3% increase in rate of interest within 7 months of sanctioning of loan is not fair & reasonable at any cost without considering the rate of interest prevailing in the market. The trust i shown on indiabulls while choosing it for my loan application has been completely destroyed by indiabulls as 3% increase in rate of interest from original roi is not small increase. It completely affects the person decision to rely on which bank to choose while making loan application. I think indiabulls is considering itself superior to reserve bank of india as it is not adhering to the guidelines issued by reserve bank of india to safeguard the interests and rights of consumers who are availing loan. Why a customer should suffer due to internal policies of the company. I am really realizing that we are not living in democratic country as nbfcs are looting customers on the name of agreements. That means they can increase my rate of interest to 20% then to 30% in future in the name of agreement if they would not be regulated by regulatory authorities on time. These types of malpractices should be stopped immediately so that faith of people is restored in banks/nbfcs.

Some issues regarding loan which should be considered by your kind honor:

1) how can a company increase 3% rate of interest within time frame of 7 months of sanction of loan deeply affecting person’s mental stability and financial position. After 2% increase my rate of interest became 11.4% and monthly installments increased from 180 to 248.
Additional amount pertaining to increase in 68 monthly installments would be rs. 99, 88, 452 (68*146889). And now 1% more has been increased thereby making my roi to 12.4%. I have not asked for repayment schedule. I think it would be around 280-290 installments at present. Who would bear and is responsible for this additional 1.5 crore approx. That i have to pay on account o[censored]njustified and unreasonable increase in rate of interest by india bulls?

2) the amount they are asking on the name of foreclosure of loan is around 5% on outstanding principal i. E. Around 7-8 lakhs. Why should i bear this heavy penalty without incurring any fault from my side?

3) information regarding loan should be communicated by post on timely basis as sometimes mails are not accessed by person availing loan as all people in india do not access emails on regular basis. If you will go through my repayment schedule first month my roi was 9.5% p. A. Then, second month, it was 9.90%. I did not get any information about this increase anywhere as mentioned above too. Then in 3rd month it increased to 10.10% for which i got information vide email date 15th june 2018. Then in 5th month roi is 10.40% for which i did not get any communication on my email either.
It is a good strategy to loot innocent people as most people do not access their email on regular basis and they will wonder why their loan is still running they do not know that nbfcs like indiabulls are increasing roi without their knowledge.

4) i did not get any sanction letter or any other document in hand or on my postal address from india bulls. Is there no liability on these nbfcs to provide documents to their customer by their own so that customers can know the terms and conditions of sanction of loan?

5) rs. 885 has been debited on 24 october 2018 by indiabulls. I don’t know why they have debited this amount in my account despite i am paying their monthly installments regularly and on time.

6) their toll free number is never reachable i. E.[protected]. I have tried multiple times on difference days but i am not able to contact customer care representatives. They should be questioned for unprofessional behavior with their customers.

Considering unjustified and unreasonable actions by indiabulls again & again i would request you that my loan account should be closed in indiabulls without payment of any foreclosure charges as i am closing loan not because of my mistake but because o[censored]nreasonable means applied by indiabulls to loot innocent people on the name of agreement. I would not request that roi should be restored to original because who would believe on indiabulls that they would not increase roi after some days on the name of agreement. I want to get rid of this tension at one shot. My family is also tensed and depressed due to these acts. People go to banks/nbfcs for relieving their tension but these type of actions increases their tension.

I have come to your kind honor with expectations of getting justice. Further i am ready to provide any information as required by your kind honor. All the information i have intimated you is correct to my knowledge and belief. I am attaching all the documents provided by them till now along with correspondence with them attached herewith complaint in order.

Sir, my name is raj kumar singha, register mobile no -[protected], emi amount - rs-1218/-,.. Loan a/c no - iperkol01285757, emi date -5/12/2018. I don't know ecs process activ on my acount. Double pay (Paytm through & ecs pay) debit on my acount on 5th december. I want to refund one emi acount on my state bank acount (Register sbi acount ecs activ).

I'm existing personal loan customer in india bulls. My monthly emi due date for every month is 2nd.in december 2018, due to insufficient amount in my bank account i didn't paid for that month. On[protected], i had paid the due amount through dhani app and informed to the india bulls customer support services. But the india bulls, deducted the emi amount from my bank account on[protected].
The issue was escalated to india bulls customer care service team many times and mailed them too. But the response from their side is absolutely zero.
They are not bothered about the customer s after joining them as their customers.
I think they had little interest towards their customers and having a great customer care service team who enjoys by listening to the customers complaints and had least interest to resolve the customers issues.
Great job by india bulls team.

My name is javeed beigh a, mobile no. Is [protected] and email is aamir.[protected]@gmail.com.
I had taken a loan of 7, 083 in october month. The emi started date is 5/12/18, as on 5/12/18 the emi didn't got deducted so i called the customer care of india bulls, he suggested me to wait till 11pm of not deducted you can pay manually. It didn't got deducted automatically, so i paid the emi manually by paytm. On the next day ie 6/12/18 it got automatically deducted. From 6th of this month i am continuously following up, i provided the details they asked but even now i have not received the refund of 1, 395.00. Every time they some more time.
The personal loan no. Is #iperban01339162.
Please do the needful as soon as possible.

Thanking you

Dear Team,
I have pay manual EMI Rs.348 on 3rd of December and again debit EMI Rs.348 4th of December. In my bank account so i have request you please refund my extra debit EMI Rs.348 in my bank account.
I have attached bank statement screenshot.
My Application No.PL11857919
My personal loan A/c No.#IPERDEL01281112
Manual EMI Reference No. BIL/ONL/[protected]/IVL
Financ/[protected]/Payment
Auto Debit Reference No.BIL/[protected]/SIPG/[protected]

My loan account no is hhldcp00205435.
I had submitted the required documents such as three months pay slips, pan, photos and dd of amt rs 1100/-in month of may 2017 in indiabulls branch at barajhamba road to financial advisor in order to get revised rates of interest in my existing home loan and it would be 8.67% for the woriking woman like me. After that i received a call from ur company for giving the option as to reduce the years/amt. Of installments and i opted for reducing the terms of years for installments.
But unfortunately when i received a mail on 20th dec 2018regarding the details of interest of my home loan. I got surprised to know that the revised rates were not implemented as i had suffered a big financial loss due to it inspite of a goid customer who is regularly paying my instalments within time schedule.
Therefore, it is requested that my rates of interest may be reduced from the day i applied and the money loss may be refunded or adjusted as per the requirement.
I hope that authority may take it seriously and will make prompt action so that i wont go for any legal proceedings.

With regards
Vandana bisht

I had applied for home loan through m/s indiabulls (Rohtak city) on august 2018, application number :1042231.
The first intimation of home loan application was received by 7th september 2018.

By 8th october 2018, all the documents from my side was submitted and i was assured no document was pending from my side.

However, i was informed builder is yet to get any amount due to the ongoing software upgrading at indiabulls. Additionally i was not informed the tentative date when the payment can be released.

Due to this delay, the builder is sending me warning to impose fine @ 24%.
Surprisingly i was approached by m/s indiabulls through the tie up between the builder (M/s suncity projects private ltd.) & m/s indiabulls.

It is difficult to believe, such a big organization like indiabulls, has completely stopped business due to software upgrade, has no schedule & has no backup plan for releasing the amount.
Even after raising official complaint (Sr=[protected] i am yet to receive any positive communication from indiabull's side.

I got loan from Dhani with more great feelings of such service availed on phone for loan. After 1 or 2 month i tried to make prepayment but Dhani policy says no prepayment for 6 month complete. But the loan tenure is for 6 months means that there is no option for prepayment to close the loan, i requested Dhani to help me closing the loan as i told them i will definitely face the financial problems during my 5th or 6th Emi. but now its 5th month as i said the problems standing on my shoulder and i am in very bad situation with financial. Recovery agent contacted me and i promised date till 20th of December which i thought i can get my money from my other business people. but due to Christmas and new year no payment released by the company. i sold my mobile phone for living and managing to go to office and come home. that is the main source of income for now. Recovery agent contacted me and given me a final deadline of 24th of December. so now i am sleepless and not feeling to eat due to heavy panic or frightened due to facing recovery agents. i am sorry for the delay of my emi. i need time till end of this month so i can arrange money from salary so i will make the payment and in next 5 to 6 days of January the loan is getting complete and i will be very delighted for this. I plead/beg dhani to allow me time till end of this month, if recovery agent stands at my door tomorrow 24th of december and force for payment then my mother will serious fall into heavy health issue as she cant see me facing such situation. i tried email to customer support requesting the same yesterday but i have not heard anything from them. Please help me from not getting disrespect by anyone from dhani recovery agent in front of my neighbors or my family. Please help me and understand i have no money and i have no where to seek help from.

Loan Account Number: IPERCHE01119067
Email Address: [protected]@gmail.com

I got loan from dhani with more great feelings of such service availed on phone for loan. After 1 or 2 month i tried to make prepayment but dhani policy says no prepayment for 6 month complete. But the loan tenure is for 6 months means that there is no option for prepayment to close the loan, i requested dhani to help me closing the loan as i told them i will definitely face the financial problems during my 5th or 6th emi. But now its 5th month as i said the problems standing on my shoulder and i am in very bad situation with financial. Recovery agent contacted me and i promised date till 20th of december which i thought i can get my money from my other business people. But due to christmas and new year no payment released by the company. I sold my mobile phone for living and managing to go to office and come home. That is the main source of income for now. Recovery agent contacted me and given me a final deadline of 24th of december. So now i am sleepless and not feeling to eat due to heavy panic or frightened due to facing recovery agents. I am sorry for the delay of my emi. I need time till end of this month so i can arrange money from salary so i will make the payment and in next 5 to 6 days of january the loan is getting complete and i will be very delighted for this. I plead/beg dhani to allow me time till end of this month, if recovery agent stands at my door tomorrow 24th of december and force for payment then my mother will serious fall into heavy health issue as she cant see me facing such situation. I tried email to customer support requesting the same yesterday but i have not heard anything from them. Please help me from not getting disrespect by anyone from dhani recovery agent in front of my neighbors or my family. Please help me and understand i have no money and i have no where to seek help from.

As per the loan allotment letter my loan emi tenure was 180 months, but you have increased the tenure from 180 to 232 months, and also made a sudden huge increment up to 13.60% on the rate of interest, without any information and consent. The unethical and illegal activity is a mental harassment for me and requested to immediately resolve the matter.
So you are requested to pl. Stop the ecs of emi till resolve the issue.
Pl. Share me the email id and phone nos of the concerned authorities for for further communication

I have housing loan for your bank... Madurai branch. (Tamilnadu).. My a/c no hhlmar00390067.. I was applied loan last year november 2017.. My house fully construction completed... I have collected full my eligibility amount.& i am eligible for pmay scheme.. But i don't know my scheme status.. Bank staff not properly follow my pmay scheme.. I am not satisfied your bank service & not recommend for others... Before loan taking responsibility well.. Ofter loan taking responsibility very very worst.. I want information. When will come pmay scheme department office staff come and check my house...

Hi all,
Hope you all are doing well.
I am ritesh ajmeri from vadodara, gujarat.
My pl id is: pl04973455

I had requested you earlier to give me sometime to pay emi,, but you didn't do.
That's ok.
Now, your executive named "dilip patil" regularly comes to me and collects the emi.
His mobile number: [protected]
This time, he came for the same, i told him for settlement. I told him that you please ask to bank for settlement - amount, and i will pay it.
He refused for the same and started misbehaving.
He was totally drunk. (Wine).
He was shouting at my home place and using very abusing words. He was using very bad and abusive words.
This is not tolerable sir/ma'am.
Do you hire this kind of people???
Is this your prestige?
As long as he came, i instantly came to know that he was drunk.
So, i have recorded the whole incidence.
I was going to foreclose the loan by paying an amount in bulk in one time.
Now, i am not going to pay a single amount of my loan, and i am going to publish this whole incidence in media and all newspapers. Mera jo hoga dekha jayega.
You can take an action against me i accept it.
You must take care that this person must not come to me again, otherwise i will case on him of mentally harassment.
If i will be more pressurize, i will committe suicide and will make indiabulls responsible for my death.
I am totally first rated as he tourchers me too much.
Limit of tolerance is over for me.
I will wait for 24 hours for your reply, if you do not respond, i will publish all the details on media and newspapers as well.
You can call me on [protected]
Thank you!

Now let me come on my "aukat"
He told me this sentences. (I am very sorry to write this word in official email but i have to do. Because he used these words)
Maa chod ke mai emi lunga.
I told, its bank concern, i had taken a loan from bank not you.
He told "bank to laude meri, bank ki maa ka bhosda"
These words were used by him. And many more abuse and bad words.
Do you hire this kind of people???
Who takes interview???
I have a business of garments but for next three months i am passing through financial problem.
Can't you wait???
Now.
Sir/ma'am,
Mai koi aaltu faaltu insaan nai hu ke aapka aisa collection agent aakar meri izzat nilam kare.
Abhi is baat pe mai loan ka ek paisa nai dunga. Aap log legal jaana chahe to jaa sakte hai. Me aapke decision ki respect karta hu.
Aap logo ne loan diya hai to aap 26% interest bhi lete hai.
Mehrbani nai kar rahe ho.
And i have taken a loan from bank, not from that collection agent.
You have to take care, aaj ke baad wo mere paas aana nai chaiye. Kyu ki main abhi ek bhi paisa nahi dunga.
Aapke collection agent ne jo kiya wo tolerable nahi hai.
So plz do not send any collection agent to me for money collection.

Call me : [protected]

Hello All,

i just noticed that my interest rate has been raised by 370 basis points this year alone, I understand that my load is floating rate but that does not explain a raise of 370 basis points.

I have this loan from past 6 years and this increase has raised by tenure by more than 2 years, which is ridiculous. Worst past is they are not telling me any option to reduce interest rate to current market rate which is around 8.5%.

Can someone guide me, how do i deal with this?

thanks
Nagaraju

Hello,
I have taken a housing loan of rs.30, 10, 000 from indiabulls 5 months back. When i was taking the loan they mentioned it as housing loan and the roi is 8.5%. Buy in these 5 months they are increasing the rate of every month which is not at all possible as per rbi. Also now the roi is 10.9% and they claim that it is plot loan which seems to be a cheating. When i tried to contact the executive who co-ordinated with me at the time loan booking, that cheating person is not picking up my call. When i checked with their office directly everyone in the office is irresponsible and the branch head is totally waste. Everyone in their office is trained for the cheating. Last month they mentioned the emi as 28300 and they charged only 28000. Kept this 300 as outstanding for no reason.

Can some one help to get out of this issue? Definitely we have to sue this cheating guys as they didnt following any of the promises they have provided.

I have foreclosed my loan with india bulls on 29 th november ad requested for noc but no one respeonded wel. Customer care is just time pass. More over they debited my amount. It’s been 14 days my loan showing still active status and not heard anything from india bulls. They send me acknowledgment mail after 7 days. But have not closed my loan it’s still active. Customer care people not responding properly. I contacted them in facebook but no use. All time pass words.

Hi,

My home loan account no. Are hhlann00356323, hhlann00356336, hhlann00367173 & mortgage acct no. Is hheann00367129. I wish to get a loan transfer to idbi bank

I have been given to understand that as per rbi, prepayment of home loans are not to be charged a foreclosure fee, but the customer service suggested that india bulls does charge 2% for home loan & 5% for mortgage loan.

We have taken a home loan & a mortgage loan from india bulls housing finance almost a year back at around 8.4% & 10.5% roi but now from past 1 year they have increased the roi 4-5 times to 11.5% & 12.8%.

When we are giving a complaint through mail or by going to their office there is no response at all or else they just say that its management decision & nothing could be done.

We've even tried reaching the india bulls higher officials through mail or call but there is no response from them also.

We’ve been getting calls to get a new home loan from india bulls itself & they are offering the new customers at 8.8% only.

This is a cheating which is been done with existing customers.

Kindly help us to resolve the issue asap.

Regards,
Tarun bhatia
([protected])