My Money Mantra — Misleading/mis-selling-personal loan

Address:	New Delhi, Delhi, 110064
Website:	www.mymoneymantra.com

Would like to register complaint against My Money Mantra for misleading and mis-selling which has resulted into harassment/financial loss.

Last year I had availed personal from HDFC bank through Ms Priya and Mr Nitn at My Money Mantra. In the month of April 2017 I was approached by Ms Priya and her lady boss Soni Kaur to transfer my outstanding loan amount (both of HDFC and Bajaj) to Kotak bank st lower rates offered. She also confirmed that there will not be any foreclosure charges if I transfer my loan to Kotak. In good faith I had given all the documents for processing and loan amount of Rs.20 lakhs got sanctioned and disbursed on May 1st. The problem started when I was asked by Kotak Bank executive to provide foreclosure letter since they issue payment directly to bank /financial institution where from they acquire the loan. Just to understand and to be on safer side I written a mail to Bajaj and HDFC and I came to know that I will have to pay good amount of foreclosure charges. On having asked Priya and her senior the reason for giving wrong statement about foreclosure charges they failed to provide any valid reasons and kept on saying that there is still no foreclosure charges and made me run from pillar to post to get the charges waived ( I have all the communication records with me). After exchanging number of mails I managed to get charges waiver at Bajaj and my loan got foreclosed on 13th but had to follow HDFC Bank for long who finally informed that I will have to pay the foreclosure charges since the loan was booked under scheme where if my loan gets paid off by some other bank (under balance transfer) and if I pay the foreclosure amount from my own funds there will be no charges. I requested Kotak to transfer funds to my saving account enabling me to pay the amount without any charges and they finally transferred funds to my saving account and I closed my loan account with HDFC. Since the Kotak disbursed my loan of 20 lakhs on May 1st which actually got disbursed on 23rd, I have been charged interest by both HDFC and Kotak till 23rd and by Bajaj till 13th. I requested management at My Money Mantra to compensate interest for the period (Interest charged by HDFC from May 1st till 23rd May and by Bajaj from May 1st till May 13th) due to misrepresentation of facts by employees at My Money Mantra for the sake of business. Why as a customer I should suffer because of wrong acts and practice by employee of My Money Mantra who did it just for the sake of business only. It's a case of cheating. I also instructed Kotak not to process my loan without my consent but they also ignored my request and disbursed the amount. It's the modus operandi of executives of My Money Mantra and Kotak Bank to display the disbursement values at month end by providing wrong information to customer.

I am still chasing My Money Mantra for the compensation as above and to get a revert about action taken against the erring staff but they are least bothered and don't intent to do anything. Please note that I have all the recording of my communication with executives of My Money Mantra wherein they kept on confirming about nil foreclosure charges at HDFC and Bajaj.


As management (Mr Sanjeev and Mr Raj) of My Money Mantra failed to revert and did not take any action, I am forced to approach you to get the compensation..