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Submit Complaint..Yes, you can take legal action against DSA, But first kindly tell us the story in detailed manner, so that we will help you accordingly.
Thanks
This is a discussion on Incorrect EMI within the Car Loan forums, part of the Loan category; Hi, My father applied for a car loan through HDFC bank and we were contacted by their DSA. Our loan ...
Junior Member
Incorrect EMI Hi,
My father applied for a car loan through HDFC bank and we were contacted by their DSA. Our loan was approved for 5 years through DSA @ ROI of 14.5% (60 EMI's of 5870 each). Now that we have received papers fro bank iy says that our loan was approved for 5 years and ROI being 13.88% (59 EMI's of 5870 each).
Now. the problem is that instead of 60 EMI's the schedule that bank has sent is only for 59 EMI's and not 60 EMI's. This implicates that the DSA gave false information to us saying that our loan was approved on 14.5% and there would be 60 EMI's. On the other hand got the loan approved on 13.88% and closed it in 59 EMI's. This means that the EMI included in the down payment is actually taken by the DSA and not by the Bank.
Please suggest if we can take some action against the bank or tteh DSA.
If the DSA is doing it with every customer, imaging the amount of fraud that they have been doing.:eek:
Regards,
Shobhit Mathur
Administrator
Yes, you can take legal action against DSA, But first kindly tell us the story in detailed manner, so that we will help you accordingly.
Thanks
Junior Member
Hi,
Our car loan was approved from the HDFC bank and the DSA had informed us that we need to pay Rs. 2,38,495 as down payment to the car dealer which includes the following
Car Value - 4,84,925
Less: Loan Amount - 2,50,000
--------------
2,34,925
Add: Processing Fee 2,700
--------------
2,37,625
Add: Advance EMI - 5,870
------------------
2,43,495
Less: Discount 5,000
----------------
DOWN PAYMENT 2,38,495
---------------
In addition to one advance EMI (included in the down payment), we have to pay another 59 EMI's of the same amount.However, the payment schedule that I have received from the bank states that I have to pay only 59 EMI's of Rs. 5870 and not 60 EMI's.
So the one extra EMI that I am paying would go to the DSA and not to the bank as they just have to get 59 EMI's. Also as per the paypers received from the bank, I have my loan approved on 13.88% ROI and not 14.5% as communicated by the DSA.
I have already had a word with the bank and they have confirmed me that the total EMI's that I have to pay are 59 and not 60 as communicated by the DSA.
In simple terms, I am paying 60 EMI's (including the advance EMI), bank would only take 59 EMI's, so one EMI is fraudulently being taken by DSA.
However, I have no written proof of DSA's commitment. Also, the copy of the agreement was signed by my father which was later filled by the DSA.
Kindly suggest, as to how should we proceed further.
Regards,
Shobhit Mathur
Administrator
Hi,
Are all the payments were made by chaque or cash? If the DSA people withdraw cash from your account than you can file case against him not even in the consumer court but even in civil and criminal court too. Contact to your nearest branch and discuses the issue with them. They will surly help you out.
Bring all the chaque details with you.
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