Dear Officer,
I availed of a non-collateral loan from Avanse Financial Services in 2018 for an approval amount of Rs.30 lakhs. In 2019, I got approved for an additional Rs.10 lakhs by providing collateral. Now the loan's principal amount has become Rs. 70 lakhs - In this, I have paid Rs.5 lakhs with Insurance after my father passing away and since October 2022, I have paid an EMI every month till now and paid off another Rs.5, 00, 000. My current standing loan amount is Rs. 62 lakhs.
Regarding the Insurance, it was initially for Rs. 30 lakhs but got only Rs 6 lakhs after a long fight with the Insurance company (Primal Insurance) and Avanse Financial Services. My Father passed away during the COVID Delta varient wave due to COVID and Black Fungus. The insurance company did not take that into consideration.
While Avanse Financial Services provided me with an extension to start paying the EMIs, they're also increasing the RoIs tremendously. I got the loan for 13.7% and the current RoI is 16.5%. To let you know, there was not even a six month interval when increased the RoI from 16% to 16.5%. Not only myself, but many people who got a loan from Avanse are facing the same issue. When questioned, Avanse always responds by using the RBI name and the current RBI's RoI. Whereas, from what I checked, RBI's RoI is not 16.5% per annum.
This is making things very difficult for myself and my family. We have come to a point where there's no hope. I thought I should file a complaint against the company is a good solution. I would be thankful if you could please look into this issue and do the needful. Your action would be a huge help to my family. Looking forward to hearing from you soon.
Thank You, and have a wonderful day,
Nirupama Stalin Was this information helpful? | 
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