IIFL - IIFL imposing huge Penal charges without disclosing
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Complaint by: JANARDHAN SAHOO on June 13, 2017, 12:12 pm in Loans All

I J Sahoo had availed 2 numbers of loans from IIFL, Ashok Nagar branch, Bhubaneswar during May, 2016 vide No. GL6360402 and GL6360278 for a sum of Rs. 287997/- and Rs.81599/- respectively. I have not received any communications relating to the status of my account. I had been to the office in August, 2016 and asked them for the details of the interest in my account. They asked me to pay a sum of Rs.18950/- and Rs. 5502/- but denied to give the details as they conveyed details are not available with them. Thereafter, I was not in station and had to send my father to further inquire the outstanding interest and principal of the loans on 20th Jan, 2017. The executive of IIFL conveyed that he had to deposit a full and final payment of Rs. 396094/- for closure of both the loans. But he also said that I should be physically present for the release of the ornaments in the loan. He denied that they do not have the details of the account statement, but asked to clear the outstanding figure. The payment had been made in the said account on the 20th of Jan, 2017.
When I returned after 2 months and had been to the office for release of the ornaments, surprisingly I had been asked to pay a sum of Rs. 12000/- for closure of the account. They said that your account was not closed as there were still some outstanding interests on the account but they did not provide me with any kind of statements saying that the account statement is not available with them. When I calculated the interest myself I found that they have already looted Rs. 5357/- in excess in the name of penal interest on my account and still imposing a sum of Rs. 12000/- which is only because of the hidden and harsh penal interest imposed on me. I have written to the customer care grievance, but they said that you have signed the agreement during the loan. But to a great surprise, the quantum of penal interest and that too without any notice or intimation is pretty unfair and unbearable. As such I am unable to pay the amount any further which has been imposed on me illegally in a unfair manner and also brings out the hidden charges which they are unknowingly charging on the borrowers. I pray for justice.

Complainant's Goal: JANARDHAN SAHOO
Complainant's Target: IIFL
Complaint Location: IndiaOrissaKhordha

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