I took a loan from Fullerton India a month back and I was given papers stating that my installments would be debited through ECS everymonth by the 5th of each month starting 5th of Jul'10. Its 10 th today and when I saw that my account has not yet been debited, I called up customer service to ask for the reason. I was then told that the first payout has to be done by Cash!! I was never told of the same. Now they will charge insterest charge and late fees!!

At the time of taking the loan, I was told that I can pre pay the loan at 4% interest within 6 months of taking the loan. Post that I can pay the same at 3%....Now when I asked them that want to pay off the amount...I am told I cant do that till six months!! After six month they will tell me one year....I dont trust anyone in this company...their executives keep telling lies all the time!!

I dont want to carry this loan burden and want to pay off...its a big mental harrasment....Request someone to pls help me with the same.Feeling really helpless...

This post is in continuation of the last post I dropped on 10th Jul'10. Since then the nightmare has come back again...all thanks to the amazing cheating team that fullerton has.

1) I took a loan of Rs.3lacs from Fullerton India in Jun'10 which was given to me on wrong committement. I was called by Prachi from the Noida team about any requirment for a loan and I said yes I wanted one. I told her that HDFC was giving me 16.5% so if you can match something better I will take yours. She said she will get me a 12% rate and that I should take the loan from them. As a normal human being I took it. When I got the cheque and the papers, I found that the interest rate was 12% flate that is 23% decreasing(The flat rate was never told to me)!! I figured this out once I started giving my EMIs. On a loan of 3 lacs, the amount given to me was 2.91 lacs and was told that the remaining are for processing charges!! These details were never told to me earlier!! As I wanted the money urgently and had told HDFC that I was not interested I had no option but to take the loan.

2) So at the time of taking the loan, I checked for the prepayment option. I was told that I can pre pay the loan at 4% interest within 6 months of taking the loan. Post that I can pay the same at 3%. When I figured out all the issue while paying my first EMI, I wrote the first post after which a gentlemen from fullerton Mumbai called me up. Also Mr. Samresh from the noida branch called me up and tried to retain me. When I told them that I want to pay the amt, they finally agreed. But I was going out of delhi to Bangalore on work for 2 weeks and hence, Samresh convinced me that as soon as I come back from Bangalore I can pay off the amount.

3) Due to official reason, my stay in Bangalore was extended till Oct’10 end. I made it a point to send in a message to Samresh to let him know about this development and asked him to keep deducting my emi till I come back to delhi. I called up Mr. Samresh in Oct’10 and said that I will reach delhi in Nov’10 and would like to pay off. He said sure there is no problem. All I will need is to call him. I have been trying to get in touch with him post Diwali but he never picks up my call. I even sent him a message but he still does nt pick up my call.

4) I don’t want to keep this loan. Take whatever interest you want and get this done with. You guys gave me a high interest rate without telling me that the rate offered is flat! Its making a 2000 difference in my EMI everymonth!

5) I got my loan statement and have found out that out of the 5 EMIs I paid (Rs. 56000 appprox)..almost 60% has gone towards interest payment!! If you are charging me flat interest rate then how can EMI treatment be done on decreasing interest basis?? Its day light robbery.

6) More than the money it’s the mental tension that one person has to go through. I am an HR manager in TCS.After this experience I will ensure that my experience goes to my employee portel where 35 thousand TCS India employees will be aware of fullertons working practices. Atleast none of my employees will have to go through the same.Also I will ensure all employees with fullerton working history does not get hired in our BFSI part as TCS is a company with utmost values. Am sure employees from Fullerton has to learn a lot on the ethics part!

7) I am so utterly disgusted at this experience that whenever I see an ad of fullerton all I can think of is unethical, liars who will go at any length to get money.

I have to shift to Bangalore for good by dec’10 first week, a kind request to someone who can help me out of this fullerton trap!...
One piece of advice...all you have to be is honest with your customer...you will win them faster. By these practices....you will end up with nothing in the long run.
Feeling utterly disgusted and sad and am cursing the day someone from fullerton gave me a call!

Rupali Sharma
9873721328