Fullerton India to pay fine for charging more interest

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Fullerton India to pay fine for charging more interest

The Chandigarh Consumer Redressal commission (CCDC) found that Fullerton India had charged 47 percent interest on a customer who had borrowed an estimated Rs 62,392 in 2011.

Jasmer Singh, a fourth-grader, complained to the CCDC that she had paid Rs 1,28,520 to the bank, which was twice the amount she had borrowed. However, the NBFC demands Rs 22,000 more from Singh.

A review of the company-produced documents revealed that Fullerton India – without paying 47 percent interest – also deducted Rs 6,500 from the customer’s account in the name of membership rights and premium without asking the customer to sign any membership form or take his or her legal approval.

The client has taken out a Fullerton India Personal Loan to strengthen his daughter’s marriage. However, it has become a disaster for Singh as Fullerton India demands more than double the interest rate of 47 percent interest.

The commission in its decision-making process found that Fullerton India not only exploited the customer but also violated the rules by charging such high-interest rates. In total Fullerton India has to pay a fine of Rs. 76,500.

Besides, Fullerton India has been asked to deposit Rs 2 lakh each into the PGI Chandigarh Poor Patient Welfare Fund account other than the Consumer Commission’s legal aid fund account as a fine.

Fullerton India issued a statement saying, “About the complaint, we have been working with the customer to understand and resolve the mentioned concerns.” We had reached a satisfactory agreement that the customer had agreed to. Fullerton India is a reputable organization and committed to working with its clients, within the legal and industry framework to meet their financial needs and provide support. As a firm, we work with full diligence and ensure that we do not expose our customers to any disruptions.

In today’s time where so many lenders have come up with their exciting deals with the offering of Personal Loans, it has become difficult for the borrowers to decide and select one single lender that suits their needs and situations the best.

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