we started our business in faridabad in 2005 with name xyz engg. We had availed 2 loans from this company. One is in sidbi scheme.
After year end closing when our c.a. Checks our account and the schemes given to us. We came to aware that this company is totally fraud which give us scheme @ 14.5 % and earning 22 %.
Instead of deducting our margin money they finance that much amount to us after taking that margin money from us. And paying only simple interest on that inspite of charging compounding from us.
Also they adjust our margin money in our last emi tenure, which also involve interest part then why should we pay interest on them when it is our money. Even on the emi which is out principle amount
also same condition in sidbi scheme, where they are doing fraud with us and as well as sidbi also, in that scheme they take 35 % margin from us, which is shown as down payment in sidbi sanction letter. But they actually kept that money with themselves and make one more loan agreement with us. In real we have not to pay that amount as we had already provided our contribution money.
I came to bring it in notice of all, plz ban these type of companies who does not follow rbi rules or also doing fraud with all of us and also with govt. Bodies.
after making these complaints to their branch office, no one taking any step in solving our problems.