| Address: Khordha, Odisha, 751010 | | Website: www.magma.co.in |
Dear all
I took a car loan from magma finance ltd on dated 1st feb, 2016 from bhubaneswar branch, odisha, my loan acc no is pg/0016/c/14/000529.
My emi date is 1st of every month. But from 1st august, 2018 the ecs is not deducting from my account and ultimately i am paying the emi in the mode of cash/account transfer. Currently all my emis are updated but for this month february, 2019 the payment got delayed for 3 days as i went outside the city, but still with this current month emi overall they charged me another 10, 000 rs till date approx for other charges as i saw in the statement & on the other hand magma finance has a very high rate of interest.
Today on 4th of february while my father was going somewhere with one of his friend, all of a sudden 4 people came in two bikes infront of our car & my father used hand brake with the leg brake as his car was in speed. They asked my father to come out of his car saying we are the recovery agents of magma finance ltd and we are taking this car to our stockyard. My father denied saying let me talk to my son but they shouted saying we are in hurry, we don’t have that much time. We are running in the instructions of our branch manager mr padmalochan padhi. I called the collection staff of the company but he also denied saying this decision is from his higher authority. They 4 tried their best to grab the key with all the efforts they can make to disrespect a person pushing in the middle of the road in every manner. Finally i said my father over telephone to call the cops immediately & he did the same. Resulting they left the place immediately. I don’t understand why mr padmalochan padhi is mis utilising his power sending this 4 people who behave like a local gundas.
I personally request everyone never go to magma finance for any kind of loan if you really never want to loose your dignity. They can charge you any amount for anything and you would be helpless as the company hires lots of advocate to deal with this type of stuff. Lastly i want to settle my loan account running with magma finance as i don’t want to take risk with my family because this people can go to any of the extent for the recovery. But i know it very well that its not that easy to settle with this company & getting the noc. Was this information helpful? | 
