Muthoot Finance Limited — customer's interest not protected.

I have an existing gold loan with muthoot finance ltd, parmanand colony branch since may, 2016.. Last time renewed on 15/01/2019 at aarah branch (Bihar)
I have paid the entire interest for this gold loan (19400 inr) on 10/02/2020 for 1946 mul 1856
For renewal of this loan when i approached this company in its branch in another city, i denied for renewal of existing loan and i was told rules have changed and can't get it renewed anywhere else except the branch in delhi. Right now it is impossible for me to visit this company's delhi branch as i am away from delhi and cant be there in near future
After several phone calls on 28/02/2020 to the delhi branch, we were told that they will find right solution and will call me on my phone but no call or information was given to us. On nearest working day 02/03/2020 i again approached parmanand colony branch through phone regarding renewal of existing loan, but no proper response.
There was no information was given about changing rules about renewal from other branches can't be done.
And their staffs are rude every where, don't help customers.

This company's web links for online customer support is a complete failure. I tried to submit my grievance several times but it always shows error and bounced back. Any page helpful for customer interest will never open.

Having email account at their portal also is of no help. They don't provide any email id to write a mail to them. And after charging interest at exorbitant rates for loans they hardly care about customer welfare.

And now because of their rigid policy, how is this possible that after taking a loan from them nobody will travel or move to any other place, because they want you to stick to the same place for ever or else they won't cooperate with you. And their customers will always be at loss.

Sincere regards
Jaya verma
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Mar 03, 2020
Updated by JVSahay
Beware of Muthoot.
Mar 04, 2020
Updated by JVSahay
I have a gold loan with Muthoot Finance Ltd, Parmanand colony branch, Delhi since May, 2016. .Last time renewed on 15/01/2019 at Aarah Branch (Bihar)
I have paid the entire Interest for this gold loan (19400 INR) on 10/02/2020 For 1946 MUL 1856
For renewal of this loan when I approached this company in its branch in another city, I denied for renewal of existing loan and I was told rules have changed and can't get it renewed anywhere else except the branch in Delhi . Right now it is impossible for me to visit this company's Delhi branch as I am away from Delhi and cant be there in near future
After several phone calls on 28/02/2020 to the Delhi Branch, we were told that they will find right solution and will call me on my phone but no call or information was given to us. On nearest working day 02/03 /2020 I again approached PARMANAND Colony Branch through phone regarding renewal of existing loan, but no proper response.
There was no information was given about changing rules about renewal from other branches can't be done.
And their staffs are rude every where, don't help customers.

This company's web links for online customer support is a complete failure.I tried to submit my grievance several times but it always shows error and bounced back.Any page helpful for customer interest will never open.

Having email account at their portal also is of no help.They don't provide any email ID to write a mail to them. And after charging interest at exorbitant rates for loans they hardly care about customer welfare.

And now because of their rigid policy, how is this possible that after taking a loan from them nobody will travel or move to any other place, because they want you to stick to the same place for ever or else they won't cooperate with you.and their customers will always be at loss.

Sincere regards
Jaya Verma
Mar 05, 2020
Updated by JVSahay
After posting this complaint I didn't receive any communication through phone call or email. Instead I received 2 SMS this afternoon from this company, within an hour. I have paid the Interest and have asked for renewal several times. But because of their own rigidity they didn't allow renewal from other branches. The only thing they say is to visit the original branch which is in Delhi . Unfortunately Delhi has been hit by riots and severe violence and clashes in different groups. This fact has already hitting the national headlines.Even NCR region has affected, including metro services in several areas. So it very difficult for an outsider to take the risk to be to Delhi.But this company people don't understand all this. And send such messages, despite of payment.

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    +91 471 391 1560
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    Muthoot Centre, Punnen Road, Trivandrum, Kerala, India - 695034
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