Fullerton India - Personal Loans - Bad Experience

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I personally had a very bad experience with Fullerton India in personal loan.

To start with, their interest rates are way too high (Almost up-to 5% higher than industry standards). When everyone else was giving personal loans at 15%, they try to push clients to take loans at 20%. They don't transparently interact with clients on the interest rate they offer the loans. Instead, they talk to you about the EMI you would have to pay and cloud the interest rate % at which loan is being offered. So be careful and check the EMI for interest rate % in online calculators. Their agents will entice you saying they will get you loans for least interest rates and in-fact hook you on to the fattest interest rates possible. And once you talk to them, they will pursue you calling repeatedly until you say yes.

They deducted close to Rs 5000 in the name of insurance from the loan amount that was sanctioned for me. And i never asked for it. They didn't utter a word about that to me. And when i complained about it, they said it cant be reversed. Once again, they cloud everything that you need to know and you can say, they do it intentionally when you get nailed by them. How pathetic is that?

To sanction the loan, they will want you to come to their office (Somewhere way too remotely placed in the city) to meet someone for approval. This also wont be informed to you ahead of time before you sign the papers. They will pressurize you to come. When i denied and rejected the loan offer, they were left with no other choice but to carry on.

The agent who hooked me up with Fullerton India almost demanded 1% of loan sanction amount as tips and will tell you stories how they don't get any money paid from the Loan company and they only get paid from you.

I have taken personal loans with ICICI, Citibank, HDFC and i have never had problems. Taking a personal loan with Fullerton India is something i most regret.

Fullerton India is hurdles and pitfalls and a common man will definitely fall if he decides to take that track.