We took a car loan of 300000 last October 2014 for a period of 3 years at an interest of 12%.At the time of taking loan we have been promised by banks sales exec. Mr.Mohanraj that if we wish to close the loan after 6months, they won’t charge preclosure penalty which is 5.65%.He promised that he will waive that penalty.After 6months when we contacted him he said he will waive it after 1 year of the loan period.
Then after 1 year when we contacted him he is said he will do it after 1 1/2 year of the loan period.Then we realised that he is a pure cheat and was making false promises.We closed the loan this month paying all the charges which is almost the full amount which we would have paid Until the end of the full loan period.The interest in EMI is not constant throughout the loan period.For Eg. first year it is 20% and second year 15% and in the third year 6%.So initial years I have paid more interest and my principal amount I paid was less.So I ended up paying more.So people who planned to take loan beware of these concept and cheating exec.Sales exec. Details
Mr.Mohanraj.
In ABT Maruti Ambattur Estate.
Mob no.+91 97-90-303837