I am having a Car loan with Mahindra Finance with Account Number : 1932058 for the agreement value of Rs. 1,42,975.00 including Loan Amount of 1,11,491 and interest . Duration : 36 Months,with mothly EMI of 4085 . Mode : ECS ,hitting 15th of everymonth, I wanted to close this loan last month (13-July-2013) and have approached the branch for the final amount to be paid for settlement. It was informed to me that one payment for the October 2011 was not been paid which resulted penalty,return charges thus making a total of 64,123 rs to be paid in to close the loan and No Foreclosure charges A letter was issued as below written with official seal ****************************************** Total Amount to be paid on date 15.07.2013 was rs 64123 inlcuding all charges ******************************************** I have sold my vehicle to Maruthi True value and in the deal they have approached mahindra Finance with a Cheque of amount 64,123 with Cheque no 020519 (IDBI Bank) dating 19.07.2013 for settlement of my loan. The Branch has rejected the cheque stating there are preclosing charges and there is an amount variation of 2 EMI’s not reflecting and the loan was not closed. I have stopped my ECS of August on pretext of loan getting closed. I had to pay 5000rs extra in order to get the loan closed which included intrest till date and also preclosure charges.

Refund of August return charges No charges on preclosure as given intially. Agreeing to earlier committment of preclosure

Complainant Information
name- vempathi4sir