| Address: | Vadodara, Gujarat, 390020 | | Website: | Magma.co.in |
I had a homeloan of 7 lakhs at 11.5 % interest rate in GE money finance company in 2006 and later on it was transfered to Magma finance at 16.84 interest rate in the year 2012 without our approval. Every month we are paying the EMI of 10133 since 2006 (13 years).
A year ago i called them and asked for Foreclosure letter and statement of accounts as i was looking further for a balance transfer loan to another bank. It took a lot of time and follow ups for me to just get the documents for BT loan. The Outstanding amount was still 7.5 lakhs. I was almost done with the process and they i received a call from delhi magma finance branch to stop the loan process and they would assured me to lower the interest rates, so i was convinced and abandoned the whole process, and then they never responded/ revered back.
Now again currently (april 2019) i received a letter from magma about the increased interest rates of 19%. Since long time i am trying to get the foreclosure statement but no one is responding.
And now they are saying that the tenure end in 2033 year.
This is one of the worst companies and a king of frauds in market. Was this information helpful? | 
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