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Muthoot Center, Punnen Road, Thiruvananthapuram 695039, KL

+91-471-3911550, +91-471-3911560

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Worst Customer Service - Muthoot Fincorp
Feb 03, 2014 06:11 PM 58439 Views
(Updated Feb 03, 2014 06:16 PM)

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I am writing this review to help all others, who might think Muthoot Finance( Red) and Muthoot Fincorp( Blue) are same. They are not, In fact, Muthoot Fincorp( Blue) only has 1 thing common with Muthoot Finance( Red) and that is the name.

Let me explain in detail, I am a businessman, and it generally take gold loans cos, they are simpler and easier to repay. And moreover, I find them better than credit cards and other personal loans. Anyway, that's how, I took a small loan from Muthoot Fincorp, about two years ago. During this time, we shifted places and apparently, I lost the receipt of the loan which I took.

Finally, I was in a position to finish off the loan and the whole lot of problems started after that.

  1. When they gave the loan to me, they gave it on "rent agreement" but when I decided to take my gold back, they said, they don't accept "rent agreement" as a valid address proof! And guess what, I did not have any other valid proof.

  2. I was asked to provide a Affidavit on a 100 Rs stamp paper along with 2 witnesses. And, guess, what, the witnesses should know me, should have a VALID address proof from within 12 kms as well!

  3. Next, they gave me a format of the affidavit, and I had to get an exact same format typed and printed

  4. So, at first, it took me 3 -4 days, to arrange all these documents, later when I went, I was told, "Rent agreement" was not a valid address proof even for witnesses!

I had to run through all the errands again, I want to know that how in world one cannot accept "rent agreement" as a valid address proof when govt. of India accepts it as a valid address proof!

And, on top of it all, the employees in the branch were so rude and unhelpful. Nobody wants to listen to anything. Only words that you'll hear from their mouth is our policies, our auditors, our format, we can't do this . I believe they run the company for the auditors and not for the customers.

The worst part is, that how can the same / similar companies have completely different policies? Muthoot Finance, could give me loan on the same rent agreement, which they could not even accept in a witness! How in world can you change policies during the loan tenure and then would not even budge at all!

All in all, I will never recommend anyone for Muthoot Fincorp again, and would never ever, ever, ever, do business with MPG( Muthoot Pappachan Group)

This incident is of SCF 45, Sec, 29, Faridabad, Haryana, Branch.

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Muthoot Fincorp Ltd (Muthoot)