I took a personal loan from Mashreq bank in December 2008 amounting to Dh100,000 plus for a period of 5 years (60 installments) with a monthly installment of Dh2,150. I have postponed four installments in five years.

My company deposited Dh14,326 on April 29, 2014, in my Mashreq salary account. When I checked the online transaction, my current balance shows Dh4,084. I called online banking and asked why an amount of Dh10,222 is kept on hold. I asked him to deduct my last remaining installment, which is Dh2,141 and release the rest of the balance amounting to Dh8,081. He checked with his senior and confirmed the rest of the money will be credited by next day.

On April 30, I called online banking again, but the agent couldn’t help me out and raised a compliant to respective department.

On May 1, I got a call from another agent regarding the whole issue. He informed me that I have postponed four installments for last five years and this is the interest day to day basis bank had charged me.

On the same day, I called online banking at 6pm and asked the agent if bank is charging any interest for postponed installment. He informed me there are no extra charges; the only tenure time will be increased. I told him this is what I am telling them that when I had taken a loan in December 2008 its last installment should be in December 2013, but since I have postponed four installments, it’s now ending in April 2014.

My online banking is showing that I have remaining one installment pending and that is Dh2,141. If bank is not releasing this amount, that means I am ending up paying total 64 installments, which I feel the bank is cheating on me.

On May 2, I went to Mashreq branch, Khalifa Street, Abu Dhabi and met sales service executive and when he checked, he informed me that there will be an IT issue when their system got updated. He informed me that he had already sent a mail to IT deparment to rectify the issue. But again I end up with unsatisfied result. I even asked him if there are any interest charges, he also told me there is only one time service charges that is Dh100.

On May 7, I went there and met another sales service executive and explained to him the scenario, as the first agent was off. But now he said there are interest charges for the installment postponed and Dh100 is only service charges. I asked him why on the bank’s website it’s not mentioned anything about the charges, it mentioned only Dh100 fees per postpone installment. He told me that he will take this matter into consideration.

I don’t know now whom to believe, as every time I met a new person in the bank, all have different answers and every time I have to repeat the story. When I did postpone my first loan installment, the service executive did not inform anything about the interest charges, she only told me it’s only Dh100 charges.

Gulf News please help me to resolve this issue, as I am not getting any convincing answer for my concern. Hoping for your positive support on this.

From Mr Avinash Chaphe

Abu Dhabi

The management of Mashreq responds: Thank you for sharing Mr Chaphe’s letter with us.

Please note that customer has signed the postponement application, which has the terms mentioned including the interest charges. We have explained to Mr Chaphe this and he has agreed to this.

Thank you for seeking clarification.

(Process initiation: June 20. Response from organisation: June 24.)

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