Mis-Selling FRAUD By TVS Credit
I bought TVS Jupiter ZX Disc from Dynamic TVS, Palam Branch on 1st May, 2018.
I made cash down-payment of Rs. 13100.
TVS Credit Sales Person Mr. Susheel Shukla, who sits at SK TVS, Nawada, New Delhi took me to Dynamic TVS, Palam Branch.
Before buying this scooter, when he was giving me the quotation he told me that if I am paying Rs.18,000 as down payment, then annual interest rate will be 9.99% and if I am paying Rs.13,100 as down payment, then annual interest rate will be 12%.
That time I didn’t calculate that 12% for principal amount of Rs. 51,300 for 36 months is Rs. 1,703.9 which is lesser than the amount Rs. 2,177 x 36 months as per him. It was my biggest mistake to trust him and I didn’t calculate.
If I calculate with principal as Rs. 51,300, Interest Rate as 12% and loan tenure as 3 years, then also EMI will be Rs. 1660.7, which is lesser than Rs. 2,177 which he told me.
But this person told me that first 2 years my monthly EMI will be Rs. 2,150 approx. (actual is Rs. 2,177) and 3rd year it will be around Rs. 2000 approx. Reason is that they are including 2nd and 3rd year insurance also into my EMI.
He said that insurance is for 3 years. That time I didn’t know that they will force ICICI Lombard which is Rs. 2,121 per year.
I am charged 25.7% instead of 12% and they have forced expensive 3 year insurance from ICICI Lombard and are not ready to cancel 2nd and 3rd year Insurance.
It is my choice from where I want my 2nd year and 3rd year insurance. But they are forcing ICICI Lombard or 3 years.
I complained about this mis-selling to TVS Credit on 10th May, 2018.
I tried everything, called numerous times to their toll free customer service no., tried sending emails and spoke to Mr. Parveen Chaudhary multiple times, who sits in Lajpat Nagar Branch of TVS Credit.
It has been almost 2 months and still I didn’t get justice from TVS Credit.
These people are not willing to admit their sales person’s mischief and instead of taking action against him, they are trying to cover him.
Mr. Parveen Chaudhary told me he will cancel 2nd and 3rd year Insurance, but he didn’t. [ I HAVE TELEPHONIC CONVERSATION RECORDED AS EVIDENCE ]
I called again, this time his senior spoke to me and he also committed same promise that same day he will cancel 2nd and 3rd year insurance.
After waiting for few more days, now I called Mr. Parveen Chaudhary again, he was not picking up my calls. Then I sent an SMS to him asking him to give his senior’s contact no. He sent me Mr. Krishan Kumar Solanki’s no.
I called Mr. Krishan Kumar Solanki. This guy arrogantly said that 2nd and 3rd year insurance can’t be cancelled. When I told him that now I have been left with no choice but to knock doors of consumer court. He arrogantly said go wherever you want to go.
He told me to close the loan. If I was having lump sum Rs. 65-70k, why would I take a loan.
Now I feel cheated by TVS Credit Sales Person and his Seniors too.
My Loan Agreement No. is DL3049TW0010349
I want my interest rate to be lowered to 12% annually (EMI will be Rs. 1,703.9) which was initially committed by their sales executive.
He told me that he is giving me insurance for 3 years. I don’t want that. After this year I will get Insurance from some other company by my own. It’s my choice. How can they force me ICICI Lombard for 3 years.
I request general public to learn a lesson from my case and boycott TVS Credit for Loan.
Now I will take the help of Consumer Court.
Please help me get speedy justice.