Fraud during processing/approving car loan?

Question

With reference to my car loan processing last month: 1. Loan was offered @9.5% Interest Rate 2. Loan sanctioned @9.75%Interest Rate 3. Every time i have asked to share documents mentioning Interest Rate and other terms & conditions before approval but no one has shared anything with and they keep on doing things by own. 4. even they have not asked me about required loan amt as well. I am touch with the team telecon & several e-mails since last week when came across to know about increased Interest Rate as what was offered but no one has turned up or reply on this matter. Now Please help me how can i esclate this matter and get this resolved. Regards, Ajay

Answer 1

Dear Ajay

At the outset, let me clarify that this site is designed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

Unless you clarify, whether you have availed the loan or not, I would not be able advise.  If the sanction communicated the rate of interest as 9.75%, that would remain, notwithstanding the verbal promise of 9.50%, if any made.  If you have not signed the loan documents and is not disbursed, you have the right to reject the facility.  The processing fee, rate of interest, documentation formalities should be got frozen mutually, prior to availing any loan from the Bank/FI.

RAJA