Jan 30, 2009 02:40 PM
5362 Views
I did a big mistake by taking a loan from Reliance Consumer Finance, but I'm sharing my experience so that others can be aware before taking any decision for taking any kind of loan from Reliance Consumer Finance.
It seems that the fair practices are not meant for Reliance. The loan was taken in the month of July, 07 & the Rate of Interest offered was 12%, but by the time it was disbursed(with in 15 days) the Rate of Interest was raised to 13% without any reason, but this was not all Reliance Consumer Finance increases the Rate of Interest any time even when all other banks are reducing the Rate of Interest my Rate of Interest was raised to 14.75% in the month of Nov. 08 and the EMI was increased by 819.00 Rs. per month from Dec 08 without any information to me. The Tenure of the loan taken for 15 years has become more than 29 years.
After that I started getting threatening calls from the collection department of Reliance for the Short payment for the month of Dec. 08. Then I went to there Local Office & deposited
1) cheque for the difference of EMIs for the Month of Dec 08 & Jan 09, they charged a Interest of 36% on the differential amount for the period it was delayed.
2) New ECS mandate for the revised EMI applicable from Feb. 09(difference of Jan EMI was already paid in advance).
The cheque for the difference in amount was cleared from my account after 02 days and Jan 09 EMI(as per old Mandate) was deducted from my account as per the schedule, then suddenly my account was debited for another amount of Rs.819.00 which is equal to the difference of Old & New EMI.
When I tried to call the Local Office at Delhi, none of the calls were responded, then I had no other option than to make an STD call to their Head Office at Mumbai. The reply received from there was again a big shock to me, the executive said that he is able to see the excess amount against my account & after my request to refund the same he said nothing can be done on this matter. After a heated argument the call was transferred to a Senior Executive & she gave a new dimension to the matter. She also said that they have received the excess amount but the same cannot be refunded to me. To take the refund I have to send a Bank statement showing the amount deducted from my account which is ridiculous. This means that they can deduct anything from my account & to get back the justified amount you have to make hell amount of efforts. But they will charge a interest of 36% for even a delay of single day in your payments.
In my opinion we should even avoid standing near to a Reliance hoarding as they will charge you even for that as they know only how to cheat, but they don’t know what is the right way to do the business.
