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Horrible Exp with L& T Fin due to hidden charges
Jul 23, 2018 07:19 PM 11009 Views

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Recently, have taken 2 wheeler loan for my wife and the overall experience with L&T Finance was horrible. There is a lack of transparency in terms of processing fee, rate of interest and interest calculation methods. Due to this, we have ended up paying 6000/- as processing fee and other hidden charges.

Though we have been told that 11% interest per year(reducing balance)initially, but when we calculated the loan repayment it comes around 20% on reducing balance OR 11% Fixed/Flat interest

When we asked about the processing fee at the beginning, the response was 2300/- rupeers but there are are many other line items with hidden charges and it sums upto 6ooo/-. Their staff are not with professional behavior skills, communication skills and not client focused. I would not have proceeded with any loan option if they were open with facts and figures during the initial stage itself. Everything kept under the carpet and it was too late in the game when we realized about the cheating. Believed the L&T brand blindly was a great mistake from our side.

The helpline numbers are not meeting minimum expectations as well. I had much respect with L&T due to their great brand value and reputation, but this experience with their Finance arm of business is not impressive at all. Request all others to do the due diligence carefully before going with L&T Fin Loan.

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