Magma Fincorp Ltd. - Unjustified demand
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Complaint by: srvyr on April 7, 2011, 4:37 pm in Loans All

I purchased a car in 2006 under higher purchase agreement with Magma Fincorp Ltd. The loan was cleared by paying regular EMI as per terms and conditions of the loan and by post dated dated cheques. There was no default of payment in any of the months. Now after the loan has been paid, i am seeking hypothecation release documents from Magma. However, they are demanding more payment of Rs 1300.00 or so on false ground that one of my cheques had bounced. This plea is false and they have failed to respond to my letters seeking evidence of cheque bouncing. I have checked my bank records and I find that all EMI payments were duly debited from my account against all PDC cheques. Please help. My loan account number is PG.011.C.04.000456.

Complainant's Goal: I want NOC & Form 35 for account closure without extra payment
Complainant's Target: Magma Fincorp Ltd.
Complaint Location: IndiaWest BengalKolkata
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Sun, 15 Mar 2015  jitendra

Your case is genuine