Name of company/service: INDIA BULLS
I have already given my complain to YOU Dt.29/06/2012 about INDIA BUILLS who have collected more amount to the extent of Rs.42540 and now explaining me that said amount is collected towards service tax charges.Enclosing his explanation received to me as under :
Dear Mr. Thaker,
This is in reference to your request regarding the loan documents of your Loan Account Number S000009356.
Please find the Loan Agreement copy attached with this mail for your reference confirming the details of your loan account.
Further as already informed to you, it is very surprising that after paying 66 instalments out of 72, you have suddenly discovered certain anomalies, as alleged. Nevertheless, it is stated that Service Tax as applicable to loan transaction is decided by the statutory agencies as per law and is not levied by any financial institution. Further, the rate of interest applicable in your loan account was pre-decided between you and the company and based upon which the EMI amount was calculated. Therefore you are requested to fulfill your obligations and clear your legally due liabilities to us.
Further please note that we have not received any excess payments that can be refunded. Moreover, you have been offered with the settlement amount of Rs. 7400.00 in 5 installments. Although we have received 2 installments towards the same however your refusal towards the further payments has resulted in rendering the settlement null and void due to default.
For further any information and clarification and information you are requested to contact the below mentioned branch only.
Indiabulls Financial Services Ltd.,
Bhaveshwar Arcade, “B” Wing,
Unit No. 316 – 320, Near Saraswat Bank,
LBS Road, Ghatkopar West, Mumbai – 400086
Contact Number : 022 – 65973052
Thank you for your understanding and cooperation.
Customer Care – Indiabulls
Please note that as per agreement rate of interest is 23.88% whereas actual amount they have collected at 35.60 till 72 months besides as per agreement service charges they have collected at 7.5% against the loan amount of Rs.78472/-.
They have over ruled the RBI norms and would like to know why they have collected extra amount of Rs.42540 and they are saying that still you have to pay the balance amount of loan though not pending any amount on the contractry I have to recover the money from them.
Kindly solve my issue immediately.