I applied for flexi loan with FGB, which was processed at a rapid speed. The loan amount approved was Dh52,200 at a flat interest rate of 0.99 per cent for 48 months. The bank representative told me I needed to pay instalments of Dh1,605, which include the interest charges for 48 months. A processing fee of Dh1,500 was charged by the bank separately. I have been consistently paying Dh1,605 before the due date and it has been four months. The bank has added extra insurance and credit shield charges, which I did not agree to, before the sanctioning of the loan. This has increased my liabilities and they have also charged me a late payment fee of Dh260 towards the extra charges not paid. I requested for a reimbursement, but the customer service agent told me it was against the bank’s policy. Till date, I have made Dh6,420 in payments, but my current loan amount shows that I owe Dh49,943. That’s only Dh2,257 deducted towards my loan amount. Why should I increase my liability? This is the question I frequently ask but they do not answer. I personally feel the bank is not transparent towards its clients, due to my current dealings with the bank. I request the bank to clear things up before my next due date payment, June 15. I do not want to be a defaulter and have unwanted financial pressure.
From Mr Jacob Pappachen
Dubai
The management of FGB 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. The bank has been in contact with Mr Pappachen and the matter has been resolved to the customer’s satisfaction.
Mr Pappachen responds:
Thanks for taking up my grievance with the bank and resolving it, Gulf News.
(Process initiation: June 6. Response from organisation: June 12. Reader confirmation: June 13.)
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.
