Complaint Details

Status	:	Closed
Complaint No	:	0116204/2019
Category	:	Business & Finance
Date	:	01-08-2019
Subject Line	:	Non clarity of norms of Auto loan
Complainant	:	SWATI NITIN MAHAJAN
Address	:	Bldg 89/2512,Saivihar CHS,Kannamwar Nagar No.2,Vikhroli East
Complainee	:	MANBA FINANCE LIMITED
Address	:	306,Runwal Heights,Opp.Nirmal Lifesyle,LBS Marg,Mulund West Mumbai 400080,

Complaint Details
Dear Sir/Madam,

I had taken loan from MANBA finance Sep 18 for my two wheelar.The total price of the Jupitor scooty
was Rs.66,000/- out of which I had paid Rs.15,000/- in cash (receipt attached) to the dealer and rest Rs.51,000/- loan were to be provided by Finance co.

When I had asked for finance company then he suggested Manba Finance Limited name.The delaer Shree Sai Motors (Suraj-9594119987) said that it is the recommended list of finance co’s of TVS Motors Limited.

He had send our papers to the finance company and later he took a sign on blank agreement saying that since he does not know that how much amount will be sanctioned by the finance company.

Meanwhile none of MANBA finance representative had contacted us neither met us and told about the loan amount and the related terms and conditions .Nobody had informed us about the financing charges of Rs.9757/- including processing charges which is comprising of Rs.64,856/-

We had asked for Rs.51000/- loan whereas Finance company had sanctioned Rs.61000/- out of which Rs.9757 they had already deducted as processing charges and disbursed the balance amount to the dealer.

The sanctioned letter also does not show the loan amount and % of interest .The EMI and installments are mentioned.

So far we have almost paid Rs.10,000/- as an interest and one more year installments have to be paid.

When I had approached the loan representative of Manba finance for foreclosing the Loan, there she had told me that the Interest is not on redusable amount and it is fixed till the loan gets completed. Moreover, we need to pay 7% on balance loan amount as a forecloser charges if we want to closedthe loan early.

All this terms had not been informed by any of the representative before sanctioning /taking loan from Manba Finance.

They kept us in complete dark.

I had sent them reminder as well but no reply from their side.

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