Dear All,

Recently I went through Andromeda-loans for Personal Loan.

(Chaitanya is the person who fallow up me and team lead is Murali)

My requirement is 5lacs.

They(Andromeda-loans) reviewed my salary and offered me, 17.25% fixed IR with 2%.

for example : Loan amount :5,00,000 ; Interest rate 17.25% ; EMI =14,086 for 48months

They are continuously fallow up and promised me that the loan amount will come for 17.25% with 2% Proc. fee only

At last they were applied for two banks at a time and told that they were applied ICICI bank for loan amount :2,50,000 /IR :18.5% /48 months/ Proc fee: 2.25%(5625)

Fullerton bank :3,00,000/18.5% /48months/Proc fee :2.25%(5310).

Initially I refused for Fullerton bank but they Convinced me for that loan amount, Interest rate and processing fee as same what they said above.

But...

They were fail for commitment of loan interest rate and proc fee and convinced me as they will talk with bank people and let revert back about revised Fees % Interest rate.

One bad day I got a call from Fullerton India as my loan amount sanctioned and said that I have personal interview for loan processing. We have 6hours continuous discussion. During the discussion time I tried to call Andromeda-loans for Interest rate but their phone are continuously giving switch off tone, finally Fullerton India said that my loan amount sanctioned for 2,36,000 with 14.85% interest rate, 10,000 processing fee and done required formalities.

I am little bit happy for interest rate is come down to 14.85 but processing fee is raised to 10,000 i.e 4%. I request them for explanation, they said blaw.. blaw.. extra amount for insurance.

After two days my ICICI loan amount credited in my account as 2,43,679 (2,50,000-(5625+Insurance amount))after deductions.

Loan amount :2,50,000 Processing Fee :2.25% and Interest rate :18.5%. EMI =7409

After 25 days, I got a call from Fullerton India as EMI is Rs.7843.00. I was really shocked for that EMI.

In ICICI bank for 2,50,000 PL , I am paying just 7409 where as in Fullerton for 2,36,000 , I am paying 7843.

I went to Fullerton India and asked about EMI, they said that interest is 14.85% only but they were not fallowing the ICICI, AXIS, SBI, HDFC, HSBC rules for calculating EMI.

If I compared my PL interest rate with ICICI, it is around 25%.

Now Andromeda-loans persons are not even picking my call.

Now I am paying 14,252.00 instead of 14,086. That means I am paying 55,968 extra amount +Processing fee extra :5480.

Totally 61,448(Including processing fee for 48 months)

Don't believe any calls or mails came from Andromeda-Loans or any fallowing mails.

*Chiatanya (Lady) Contact Number: 8712180007

Their email address are :murali@prosales.in; harshamegha@gmail.com; Subbu.nagisetty@gmail.com; tirupathi.nani@gmail.com*

So friends don't go through Andromeda-loans for any loans and prefer loans from standard banks like ICICI, AXIS, SBI and HDFC etc.

Regards

Krishnamraju