I took a personal loan from First Gulf Bank (FGB) in March 2014. An FGB representative contacted me and offered a low rate of interest, of 8.5 per cent (flat rate), while the normal rate in the market was 12.5 per cent. He said he could go for a further reduction, down to seven per cent, if he was able to recommend five of his customers to his manager.

I agreed, but before confirming the loan, I told him to confirm the final interest rate with me, which I was more concerned about, and he agreed to this as well.

The company I am working for is already listed with FGB.

During the last three working days before I went on leave, and around the same time the loan was being processed, this FGB representative refused to answer his phone. No information was available either. Finally, he picked up the phone and told me that he was unwell and had no updates about my loan. When I checked my account, I found the funds were already there.

Later on, after returning from my vacation, I realised that the interest rate for my loan was 13 per cent, which no bank charges for personal loans. I was under the impression that I had already signed the application form and accepted the loan, as the money had also been transferred, so there was no possibility of any change.

On September 29, 2014, as part of the foreclosure of the loan, I had deposited the entire amount remaining in my loan account for an early settlement and at the same time, I logged a complaint about these matters. However, FGB declined to give me a favourable solution. The reply came on October 15, about 16 days later.

Again, I requested to waive the interest from September 29 to October 15 (around Dh800) as it was due to a delay from FGB to take a decision on my complaint.

As a customer, I have not received an appropriate reply from FGB, even though I have been charged with the highest rate of interest. I humbly request Gulf News to convey my grievances to FGB’s management.

From Mr Manoj Kumar V.

Dubai

The management of First Gulf Bank responds:

FGB is grateful for all customer feedback to which we give careful consideration as we strive to consistently deliver the highest standards of service. FGB has been in contact with Mr Kumar, and the loan has been closed.

Mr Kumar responds:

My loan with FGB has been closed a long time ago. But the issue with the closing of loan has been not yet resolved.

One person from FGB called and told me that the interest charged for 15 days, of Dh800, would be refunded to me. Someone else told me over the phone that my issue is closed. Whom should I believe? I haven’t received the overcharged interest. Gulf News’ intervention in this regard will be highly appreciated.

The management of First Gulf Bank responds:

FGB is grateful for all customer feedback to which we give careful consideration as we strive to consistently deliver the highest standards of service. We have contacted Mr Kumar to discuss the matter in detail, and explained that the charges were valid. FGB is therefore unable to waive the interest fees on his loan.

(Process initiation: December 5, 2014. Response from organisation: December 29. Process completion: February 11, 2015.)

Editor’s note: Do you have similar issues that you would like to raise with us? You can write to us at readers@gulfnews.com.