Hidden Terms and condition in loan summary Private Financiers

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Online Signatures: 2
To
Banking Ombudsman
bothiruvananthapuram@rbi.org.in
I Have took a Personal Loan of amount 50000(Fifty Thousand Rupees) 6 Months from Home Credit India Finance Private Limited . While Applying the loan i have said to the customer care executive that I need this loan for only 6 Months , After 6 Months period i will close this loan. I also inquired that weather i need to pay interest rate for this 6 months. At that time the executive said that you can close the loan after 6 months by paying 6 months interest rate. After 6 months of paying Emi amount of Rs 2383 Rupees per month, While I tried to close the loan they have said i Need to pay amount of Rs 48900 more to close the loan. As i enquire about this issue, They have said the loan is in Reducing Balance rate. But this Terms didn't tell by the customer care executive while I applying for this loan, They have said that this terms is in loan summary. But when I check My mail, They didn't sent any Loan summary , nor terms and conditions to my mail. Also I didn't Sign Any document accepting this terms and conditions. Only they saying that it was there in their site while applying loan. But I need to know how valid is the online terms and condition? infact anybody can apply loan on behalf of me if he / she have documents of me. I am ready to close loan by paying interest Rate of 28% for 6 months. This issue is not only for me , maily all NBFC company hide this policy, They didnt reveal what is " Reducing balance rate " . respected authorities please make sure that customer should be aware about this interest rate rather hiding it in terms and condition.
Mere sath me same esa hua h .
Fir aapne aage kya kiya plese tell me more  
Mar 19

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