In 2016 I was approached by their representative with offer to reduce my ROI from 11.75 % to 10.75% plus no AMC ever to be charged plus other terms and conditions remaining same as previous loan agreement. I accepted the terms and signed some 50 odd signatures on their multiple forms. This is when the actual harrassment started.

Despite giving in writing that no AMC would be charged, AMC of 78705 as 
charged in april which was refunded after protest. Then the ROI was raised in August from 10.75% to 11.85 % and all pleas against this unilateral rate increase fell on deaf ears. On complaining to RBI this was reduced and a new approval letter sent which now again had AMC charges mentioned. This time 149860 was deducted from my bank account on 11/10/2017. Again multiple rounds of protests and emails later this was refunded.

Sick and tired of their strong arm tactics I asked for my 
foreclosure letter so that I could get rid of them and shift to some other bank/ NBFC . I was asked to pay 314867 as foreclosure charges and 7023111 including outstanding amount on 19/08/2017. I made multiple representations to them to waive these foreclosure charges as this was not part of agreement. Today I have received another foreclosure letter in which the foreclosure charges have jumped from 314867 Rs on 19 Aug 2017 to 23,97,760 today 25/11/2017. The Total amount payable in August to foreclose loan on august 19 was Rs 7023111 and after payment of regular EMI on 25/11/2017 it is Rs 91,13,372. This jump of more than 20 lacs in forclosure charges within 3 months despite regular payment of EMI was beyond comprehension.

Another interesting feature in this saga is a page of agreement which they have sent me stating Prepayment charges of 2 % will be levied. I fail to understand how in a flexisaver loan / limit , whose sole feature is that you can deposit any surplus funds, have any prepayment charges.

Besides this there are arbitrary changes which are made in the welcome letters which are not part of the original agreement. Though needs verification there is also an apprehension of some of my signatures being forged though this is being confirmed. This is all despite the fact that I w as paying interest far above the market rate regularly through ECS. I am planning to approach economic offences wing and company law board against their strong arm tactics just because they have my property papers in their custody.

Dr Neeraj Nagpal 
Director Hope Clinic & Maternity Centre Pvt Ltd 
Sco 1066-67  Sector 123 New Sunny Enclave Mohali 
09316517176 , 9814013735