Tata Capital — high interest rate 22.82% pa for two wheeler loan

Address:

560043

I have taken my new Two wheeler from KALEIDO MOTORS, Mahadevapura, Bangalore (Dealer Code :11845) through the Sales Executive (Phone No : [protected]). And the sales executive told that the Rate of Interest with Tata Capital for Two Wheeler Loan is 11.5% PA. I have confirmed the same from the Tata Capital Sales Representative (Phone Number : [protected]).

* The Banks are providing the Personnel Loans at the Interest Rate of 11% to 14% PA, but Tata Capital is providing the Wheeler Loan at the Interest Rate of 22.82% by Submitting all my Salary Slip, TDS and Check Leafs etc.)*

Loan Account : TCFTW[protected]
Loan Amount : 70580.00 INR
Rate of Interest : 22.82%
Tenure : 24 Months
EMI Per Month : 3690

Then I was shocked, after the receipt of the Welcome Letter from the Tata Capital, which says that the Rate of Interest is 22.82%. And I have contacted the Kaleido Representative and Tata Capaital Sales Representative, they told that it is not 22.82% and it is 11.5%, which I was reading in the welcome letter is wrong it seems.

Then I have called the Tata Capital customer care and they are not provided the proper response for my enquiry. I had again chat with the Tata Capital Sales through WhatssApp by sharing the Loan details by comparing the 11.5% interest and 22.82% Interest. But also not provide the proper details to me.

I want to know, The Kaleido Motors and Tata Capital are cheating all the Customers like this or only me. No other customer should not cheat by Tata Capital and Kaleido Motors.

* Attached Loan Details*

My Name : Nidhin
Phone Number : [protected]