Muthoot Complaints & Reviews

This muthoot fincorp (papachan group) are really great cheaters.Any fixed deposit from any nationalized or private banks can be with drawn at any time even if its is put for a period of one year more.One of my friend had put an FD Rs 3 lacks in muthoot fincorp kazhakootam,trivandrum branch in the month of February and he was in a position to close the same on may,now they have shown there real face ,they are not allowing him to cancel the same with a reason the FD is locked for one year.We haven't heard any of the bank in India with a locking period for a Fixed Deposit.Now they are telling that its not there rule its RBI's rule.we haven't found the same rule in any of the bank we have deposited before.Finally they committed that its there rule.

If its only there rule then they should have inform us before investing or need to mention some where in the signing papers or inside there office,we haven't find this rule any where.please any body know about this please reply.

Beware not to make any transactions with Muthoot fincorp.

Hello Sir/ Mam,

This e-mail has been sent to Muthoot Finance Ltd.

This is in reference with the Loan against Gold ( PL No- 39053) for Rs 44,300,taken from Muthoot Finance Ltd- Shop No 101, First Floor,78 Guru Amardas Bhawan, Nehru Place, New Delhi -110019 on (24.Jan.12). I must say that i am very dissatisfied and shocked to see the kind of Services and practice they are following............

Although i had taken this loan and was supposed to pay interest , however this got restricted till my Loan Token Receipt only which means i could remember only that way back i had taken a Gold Loan from them, other than this i did not remember anything else. As Muthoot is not the only company...we have other companies/ banks to look after as well.

Let me Explain how and why......

I was under the impression that the Company will send us monthly reminder or alerts via Message /E- Mail / Letter / a phone call or any other mode of communication so that the client is updated on monthly basis. However the same did not happen here ever. I mean not even a Single phone call or any kind of Reminder / Intimation.........Is it too much to ask for....? and then Company wants the Interest to be earned as Income....what for......????


I went clueless to Nehru Place Branch on 29.Sep.12 , trying to figure out how much my interest must have been now and unable to calculate the interest part myself as i didn't had the Loan Token Receipt.

Somehow when i interacted with one of the Female team member over there, i simply asked her...." Mam, your company never inform / remind client like us for the Interest Amount which need to be deposited as per the Slab. Don't you think Company should follow this practice so that client do not end up paying you more in terms of Interest payment in the end as a whole...? ( As the slab is changed)....

On this she replied that it's entirely Client's responsibility to deposit the Interest as per slab as they have the Loan Token Receipt and moreover we do keep on Informing / Reminding them regarding the same. On this i replied- But i haven't got any message / alerts /any letter which intimates me the same....EVER....!!!!! The team member again said that it's Client's duty, not ours.....??

After that i asked her that how much am i supposed to pay till date as my Interest Amount...? So, she went ahead and got my file from the Custody, where in i got shocked to see that my Loan Token Receipt is lying with them since the disbursement of my Loan, which means since Jan'12. What is it doing there.....? ( Getting Interest earned for the company i guess.....!!! )

Coming across this i got annoyed and asked her ...what's the matter..? why didn't you handed over this Loan Token Receipt to me earlier..? Had i got that earlier i would have been paying the Interest timely..!!! On this she replied after the loan is disbursed, and client gets their cash its only Client's duty to ensure that he has the Receipt, not ours. On this i asked her can i take it this way that in order to earn Interest only and to make income, company never ever informs the client on monthly basis and take them for granted....she replied- Yes, you may take it. (Which chapter of Business Law or Company law states it....?)

(I have the Complete Voice Recording for the same).

I rushed to the Branch Head Mr. Akhil after this and informed him the whole incident.

Now first of all, i want to ask the management that what kind of employee have been placed in Branches....? Are they trained or groomed on certain benchmarks or not. I guess they are working for the one of the reputed NBFC's, i.e Muthoot Finance Ltd.

And secondly i do not feel that i should be paying Rs 11,366 as Interest Payment to them as i did not have any instrument like Loan Token Receipt since beginning, and nobody from the Company ever bothered to intimate me on a monthly or quarterly basis which most of the other Banks or Telecom Companies does very efficiently.

So, i have a very strong appeal to be made that my Interest Amount of Approx. Rs 11.366 should be straight away Waived Off as there is a deficiency and a non-seriousness in the management's practice, not in my intention or behavior. ( "Without an arrest warrant even an Accused will not accompany the Cops").

So the management must take this into Serious Consideration and must Waive off the Interest or else I would end up writing / approaching to the Concerned authorities like RBI, Company Law Board (CLB ) or Consumer Forum or file a Civil Suit in a Court of Law .

Look forward for the approval within 48 hours.

At the end i have complete faith in Muthoot Group and i do expect they will understand my intention behind it and would co-operate accordingly.

Look forward to a Positive Response.

Thanks & Regards
Nitin Ambardar
+[protected]

Hi All,

I am writing this based on my experiences with Muthoot finance branch in Anupuram - Kalpakkam.
Fraud company - MUTHOOT FINANCE LIMITED
Ss Cmplx Opp Anupuram Township Gate
Sadras Mn Rd Neikuppi Vengambakkam Po
Kalapakkam, TAMIL NADU 603109
+[protected]

These are my findings and wanted to others know and make aware of their fraud. This company not at all following rules and regulations of finance sector and government policies. Particularly in and around rural areas and not disclosing the proper information about interest rate at very first and deducting more amount hidden, finally they say we have mentioned already.

The main intention of them is they do not want people make aware of proper information so that they can put any charge as they wish. if we ask why more interest or charge one simply reply is market fluctuation. This company is leading forgery company having multiple branches and looting poor people jewels and money by putting more interest on them.

One of the saddest thing is Forex - Money exchange, only this company charging more than 1.5 % service tax for it even it is done through hidden. They not at all disclose all this information openly at very first. After all formalities done they say this is what our company policy if wish go with it.

I beg your kind attention please do not afraid of disclosing this kind of fraud to outside world. Money is not coming from Tree as they think, simply sitting in a AC Room and looting poor people money is easy as everyone know but hard earned money should be ours.

Thanks,
Well Wisher

Hi team,

I am having a gold loan with faridabad-nehru ground b-373, nehru ground, near general post office branch.
Depositing interest/Principal is really a hectic task here. Everytime I go there, it takes more then 1 hour for me to
deposit interest/Principal. Sometimes power is missing, sometimes employees are missing from there seat. There is no
queue management while providing receipts/Collecting interest/Principal or any type of management is missing.

Employees are not at all taught how to talk/Behave with the customer. This is not only one time, everytime I go there,
its same old story. I am customer of muthoot finance from last one year.

I need to close my gold loan , but they are not providing any kind of statement of my gold loan account.
(What/When/How much is the interest charged/Principal remaining). Moreover the slip provided also doesn't contain any
of this information.

Being such a big bank, core banking is missing in this bank. I can't check my account online/Deposit my interest/Principal
online. With these lacking features and behaviour I am very much heart and won't advice anyone to make any kind of relationship with your
bank. I am not sure whether any kind of action will be taken on my this complaint. But just wanted other people know the truth about muthoot group, how the customer feel and greeted and served by employees in their branch.

Thanks & regards
Rajesh Gupta

I Joined Muthoot Finance Ltd on 19.10.2009 at Beawar, & then transferred to Ajmer- Bajrang Circle on 31.12.2011. My Manager ( Retired Bank Employee Age : 65 Years ) Mentally & Physically harassed me. & when i made a complaint against him, my seniors at Jaipur-RO suggested me to provide them a written complaint against him, when i did this, they asked me to resign. When I went to my Regional Office at Jaipur & asked them the reason to provide resignation, they gave unwanted excuses like ur kn-owns are working in IIFL branches, & we have complaint against you. I don't understand why a Company that talks about it's ethics & values did this to me ?? Was it my mistake to inform them that i m being harassed ????

I have availed 02 gold loans from Muthoot Finance Ltd wide loan no 2095 & 2097 worth Rs 278500/- & 57000/- respectively on an interest rate of 24% which is much higher. Even though the gold have been pledged; they charge me highest of their interest. Now when i approached them to release the same, they are asking me to pay interest @ 33% inclusive of penal and other charges. Also they threatened me stating that the gold will be send for auction, if i don't pay the interests charged illegally to me. So i kindly request your intervention in settling this matter amicably & also to stop the auctions, if any.

Sir,
I am(Jaya) are the regular customer of muthoot finance past 6 yrs.Today(28.09.2012)I gone to pledge my jewel in your ramanathapuram 2nd branch in coimbatore . my customer id is 562. The persons who seated there said your jewel is not in quality to pledge. But the jewel which i have taken there is a 916 hallmarked jewel and it has been pledged in the same branch before four months and taken back.then i have checked my jewel in alukkas jewellery with the bill which i have purchased from saravanakumar jewellery.they confirmed me it is a 100% 916 hallmarked jewel.again i went to rajastreet branch and pledged the same jewel in my another customer id 786 by saying what happened in ramanathapuram branch. I have already given complaint directly in coimbatore regional office in written.so i want to know why they given such a inconvinience to me and not responding to the customer properly.they wasted my whole day and created lot of tension and stress.is this the way you give the customer service.so,kindly file it as my complaint and give me the correct solution this should not happen to some other customer.my contact no is [protected].
Thank You,
Jaya.m

Dear Sir,

I Neetu Bala has taken gold loan from Muthoot Finance Ltd Janakpuri B-1 branch in 2008. It was going good and i was paying my intrest every time according to due date. In the mean while i was doing some part payment and was releasing my part gold . On 23 Nov 2012 i went to branch to pay the intrest and do some part payment and release my gold. When all the documentation was being done .. suddenly i saw that my husbands diamond ring was missing, I suddenly told to the girl (who was doing all the formalities) that one of my ring is missing , On this her reaction was very simple and she told us that ur a/c is being handled by Rachita and she is on leave so u will get ur status after a week . Just at her back Branch Manager was sitting and he also did not show any intrest. Then me and my husband came back after one week and talked to rachita, she talked with the BM and told us to give a writen complain. Then i told him to check the footage of the recordings. He told me that we cant see recording as the recordings are checked by IT peoples only who comes from the HO. He assured us that our problems will be resolved in a week. We came after a week to ask about the status. Then the BM told us that recording was not done as the cameras were not working . As this was not our fault we told them to make the claim . and he also aggred to it, and told us to come afetr a week and do the settlement. After one week we went there and asked them for the settlement. On this the BM told us our matter has been send to the HO and as soon as the revert comes they will solve it. But everything was in Vain and no response came from there. Then I spoked to the Regional Manager on 21/01/2012 and told him about the matter. He also gave the same reply that call after one week. Now its been more then 3 months and our matter has not been solved . Kindly help us.

My Name is Jagan Babu sunku, residing at kothagudem khammam district, A.P. My father, Rajaiah. Sunku taken the gold loan at Muthoot Finance, Kothagudem branch, Khammam District Andhra Pradesh. Recently my father was expired. At the time of taking gold loan, my father has given the nominee name as my mother name.

when we approached the muthoot finance, Kothagudem branch, branch manager asked the death certificate. we have submitted death certificate and Lawyer affidavit also and govt issued ration card also and more over we have cleared the all the interest payments which were due to till date and we have payed the actual principal amount which was taken by father ( by keeping the just rs100 as pending).

When we approcahed to release the gold items, kothagudem branch Manager and employees are asking us to wait for 5 days, but they are telling the same answer from the last two months. They are irritating us and we are getting same answer that need to wait for few more days until we get the response from the head office. Here i didnt get why this issue is taking this much time even we have submitted the death certificate, affidavit and ration card.

Thanks,
Jagan Babu. Sunku

Dear Sir,

I has been worked in Muthoot finance Ltd for the past 6 1/2years(01.09.2003 to 10.02.2010). So far they have not settle my Employee Pension 10c after repeated reminder. They are saying unwanted reasons then & there.

My Pf Ac.No: KR/15840/1116.

Kindly advise me in this regard

Working with Muthoot Finance was a forgettable part of my life. It is a company with least employee satisfaction. Ask any of its employees, and they can tell you a number of bad things about it. They will tell you that they have done much for the company, but there is no one to put value of that. They feel like they are sitting at any laale ki dukaan.

- The company is making profit comparable to many nationalized banks(even more than many of banks), still most of its branches are devoid of AC and good infrastructure. Difficult to work when temp. is at around 44.C during peak summer. Quantity matters more than Quality for them, when it comes to branches.
- Salary given to employees are very less (starts from as less as Rs. 8000), and they call them itself a Bank. Even call center employees earn more. But the work here possesses much higher Risk than other, with handling gold, and cash. that even in company whose chairman is among richest indians
- If you are having any problem, may be at workplace, or with co-workers, or boss, it is most likely that nobody is there to Listen to your problems, forget about solving it.
- Even many months after leaving the company, they don’t settle-up with or give clearance to employees and give back their academic certificates. The reason for this is LACK OF TIMELY AUDITS(both gold and accounts).
- Employees are not supposed to work at single branch, but they are being frequently sent to other branches, sometimes even at those at distant places.
- No specific parameters for incentives, only God knows how they decide about it.
- Even their training programmes are also not effective and are of poor quality.
- Lot o[censored]nnecessary paper work and registers, looks like still living in stone age, when they have everything in computers.

Although, they are good at their products, whether it is gold loan with lesser interest rates, gold bonds with really impressive deposit schemes (up to 13% p .a ), gold coins, or any other products. And that’s why they have a meatier market share, with good Customer Satisfaction. But why they don’t understand that its due to their employees contribution also that they are at this position. May be they think of their employees as liabilities, instead of Assets.

So, I suggest people to not join Muthoot Finance, a company which does not care for its employees. Better join a call center, where there is good work culture, working environment, caring employers and increments are much frequent.

Hello All,

This is in order to wake you up against the fraudulent practice of calculating interest in Muthoot Gold Loan.

Here is my unpleasant experience. I had borrowed money from Muthoot finance under their gold loan scheme. The amount I had taken was Rs: 30000/-. After two months my wife went to pay a partial amount of Rs: 12000 and asked them to return back some of the gold we kept. They returned back gold worth Rs: 8000 and told the remaining money is interest. We didn’t really check this that time seriously.

After three months I wanted to take the remaining gold by paying the rest of the money. Then also they were saying a big amount as interest. In fact at that time only I seriously thought on how they are calculating the interest. When I calculated the interest based on the rates and rules Muthoot told, I found a difference of around Rs: 2000/- I approached their office and told them to show me how they are calculating the interest. They were initially reasoning with me for the way they calculated and behaving arrogant. When I told I will complaint against this, they tried to pacify me by saying what they calculated is correct. But I insisted to show me the way they calculated. Finally they agreed that the calculation is wrong and returned back the extra money.

So what I would like to convey here is, beware of the swindling practice behind the way Muthoot calculate the interest on gold loan. They may cheat you and will charge you with some additional amount if you don’t ask them the way they calculate interest.

My inference here is, this may be one of the way Muthoot is growing so fast. i.e by cheating the sleeping customers.

Muthoot is “Motham ooottu” means “Total squeezing”

Thanks & Regards
Prathib
[protected]@yahoo.co.in

jewelry design is damage and lose the 150mg weight & branch reason is checking gold & many mails for muthoot no action no response.
My account no. XPL-2657
Shivom Dewal
branch address is First floor, A-31/17-C, Main road, Maujpur, Delhi-110053, Ph. [protected]/23..
sanjay dewal
m: [protected].

I have gold loan transaction with Muthoot Fincorp Limited for four years. I pledge Earrings few months back, i dont know if i never pay 12 months interest they are automatically send auction. The branch members never intimate through letter or mob. without my knowledge and information they are auction my earrings. Very Very cheating and fraud fellows....

Dear Sir/Madam,
I had taken loan against my gold from muthoot finance Pandav nagar Branch.My loan acc. no is EPL116 & 117 and total amount taken is Rs.26200/-
This branch has lost my gold. When I went for close my loan before some time then branch manager said that they will pay Rs.1840 per gram. I told them that my gold has lost by your mistake, so please return my gold or refund as current market rate. But they are not agree and saying that you have only two option:-
A) Take you refund at the rate of Rs.1840 Per gram.
B) You can wait till we recover the gold. After recovering the gold we will refund the gold but till that time we will charge the interest.
So Kindly solve this ASAP or suggest that what i do.

Thanks & Regards,
Manish Kumar
[protected]

We went for the first time for gold loan and they did not guide us properly. For ID proof alone we went 4 times which irritated us. After giving all relevant documents they asked us to come after 2 hours for getting cash. And after 2 hours no proper response and still we waited 1 hour for getting the cash. No seriousness among the staff even the government bank will not be like this.

Hello sir
I got a offer latter from Muthoot finance Ltd since 09.01.2011 but still they didn't conform me the date of joining.I also contacted the HR manager of Kolkata Region,he told me that they will call me. If i didn't got a call from them then what i will do ?
Please suggest me & help me in this problem.


thanks

muthoot gold loan companies is very cheap company. and employees are unqualified its like a illiterate people (branch manager). they didn't know customer value. i got gold loan from this company in sankagiri branch tamil nadu RS 6 lakhs. and i ask about my gold loan detail she suddenly angry with me and they did n't give proper response. this persons are how to safe my gold. she do malpractices of my gold then only she angry i find it. so beware of those person

Dear Sir,

I am facing a problem on my Airtel No. [protected], I want to disconnect caller tune from this number. Please disconnect the caller tune / hello tune from this number.
I hope you will see the complaint & give the positive feed back.

Hi this E. JAGADISH ,#108/5, 15th main, J.C. nagar, kuruburhalii, mahalakshim layout, Bangalore.

I her by to inform u that one of the branch manager of Muthoot Finace , Basaveshwaranagar.

As i am Jagadish customer of this branch for past one and half year and i have hosted my gold ornaments for more than FOUR lakhs and i here to say that on 3/01/2011. was going to host some gold but he refused to host the gold and he optioned me not to muthoot better you host them in MANAPPURAM GENERAL FINACE AND LEASING LIMITED they will provide you with more price and finally he didn't took my acknowledgment .
so plz kindly take measures and rectify it otherwise you have to face the consequences.

thank you,
regards
E.JAGADISH