Shriram City — day light robbery from the customers by charging interest rate of more than 30% on reducing balance method

Address:

Kurnool, Andhra Pradesh, 518001

Dear Sir,

I would like to introduce myself as MR. D. Ravi kumar brother of Late Mr. Dindukurthy Ranga Swamy, who has taken a loan of Rs. 5 lakhs from Shirram City, Kurnool branch. When he took loan the branch said it is 16.5% flat interest. During October he shifted the loan amount to APTUS FINANCE from shriram city. He paid 10 instalments of Rs.15, 208/- which comes to Rs.152, 080/- and the APTUS FINANCE people paid Rs.4, 44, 085/- on[protected], so total amount paid till todate is Rs. 5, 96, 165/-. Now still shriram is demanding us to pay Rs. 77, 000/- then they will release the property documents which was mortgaged. I don't know on what basis they are asking us to pay this amount for an amount of Rs. 5 lakhs loan. which means for less than a year o[censored]sage of the loan of Rs. 5 lakhs I am ending up paying Rs.1.70 lakhs interest. My brother already died on[protected] and as we would like to clear the loan to help out the deseased family members. but it is so unfortunate that your company is robbing the customers left right centre. I need all your calculations immediately on what basis you are asking us to pay. I am a chartered accountant with over 20 years of experience and I can understand all the calculations. So please send me the statement and I want to settle the dues. I will not accept any interest rate other than 16.5% flat interest rate for 5 years, that has been agreed with my late brother. On Rs. 5 lakhs at a flat rate of 16.5% for full year also it will be only Rs.82, 500/- for which we already paid Rs. 5.96 lakhs and you people further asking me to pay Rs.77, 000/- which is not acceptable. Request you to do the needful and release the property documents immediately to APTUS FINANCE. I spoke to the branch manager Mr. Lakshman (his mobile number is [protected]) and he confirmed me that interest rate is 16.5% flat basis. Because my brother died, request your management to release the documents on a sympathy grounds without making big issue.

As per the demand from you asking us to pay Rs. 77, 000/-, it seems you are charging more than 30% interest rate on reducing balance method which is not acceptable and I don't know how the government is approving this kind of interest rate even after taking mortgage of property which is equalling to 400% of the loan amount.

Currently I am in Nigeria you can contact me on the mobile numbers mentioned hereunder. or you can reach me on my email address: [protected]@hotmail.com.

Please look into the above matter and do the needful without prolonging the issue to further stages. on a Rs.5 lakhs loan you have already made a profit of Rs. 96, 000/- which is almost 20% flat basis.

Thanks and regards

D. Ravi kumar
+234-[protected]
+234-[protected]