Muthoot — muthoot finance kanaka vrishty gold coin scheme - over price or over charge in scheme

Address:

Ludhiana, Punjab, 141010

Updated by cheenu15102003, apr 25, 2017
Sir/madam
After so many requests by the the muthoot finance company officials, i owned kanakavrishty gold coin scheme from the company in march, 2016.in which i had to pay 11 monthly instalments @ rs. 2000/- per month and rs. 1000/- as 1/2 of the 12th instalment, means i had to pay rs. 23000/- for this scheme. 1/2 instalment was to be paid by the company. As per terms of the scheme, the company was to provide me gold coin or gold of rs. 24000/-. It is very painful to state that after maturity of this scheme in march 2017, the company had to pay me a gold coin of 8 gms. At the market rate of rs. 2950/- per gm., accordingly, the market price of 8 gms. Coin was rs. 23600/-. The market price of 8 gms. Gold coin was rs. 24100 to rs. 24300 (Including vat & halmarking charges etc.) but the muthoot finance charges rs. 26038/- inclusive the vat & other charges which was about 1850/- over and above the market price. I resisted about the overcharging of rs.[protected] by the company officials, but the company officials insisted on the charging of rs. 26038/- and issued a cash memo of rs. 26038/- to me on 18/03/2017.
The muthoot finance company is clearly cheating the consumers in the name of false schemes. All the terms are not explained to the customers. Such overcharging is clearly a cheating and fraud with the customers. It is request to kindly take up the matter with the top company officials to save the poor customers from such fraud schemes being run by the muthoot finance. I shall be very thankful to you.

Regards

Savita chopra
Mobile no. [protected]
House no. Hm-53
Phb colony
Near gol market
Jamalpur awana, ludhiana-141010