nadeemuddin18
New member
- Bank Name
- Shriram Finance Limited
- Customer Care Number
- 1800 103 4959
- Loss Amount
- 700000
- Ratings
- Opposite Party Address
- 784, Survey No.45, 49&50, 1St Floor, Boduppal, Medipally
Hyderabad - 500039
Respected Sir/Madam,
I, Khaja Nadeemuddin, aged 28 years, resident of Malakpet, Hyderabad, wish to file this formal complaint against Shriram Finance Ltd. regarding unethical and exploitative practices experienced during and after my business loan process.
Loan Details:
Loan Type: Business Loan Against Property
Loan Sanction Date: 28/03/2025
Loan Amount (as per Agreement): ₹24,25,401 (Annexure B, Page 3 of 7, Point 7)
Actual Amount Credited to My Account: ₹24,16,383 (Bank Statement attached)
Difference: ₹9,018 unaccounted
Issues & Grievances:
1. Unexplained Deduction of ₹9,018
As per the official loan agreement, the net disbursal amount mentioned is ₹24,25,401. However, the actual credited amount was ₹24,16,383. The difference of ₹9,018 has not been explained or accounted for by Shriram Finance.
2. Illegal Commission Demands by Company Personnel
After receiving the loan, I was approached by Mr. Kalvala Madhu (first point of contact at Shriram Finance), who demanded and collected ₹15,000 on 31/03/2025 and ₹10,000 on 03/04/2025 — totaling ₹25,000.
These payments were made via bank transfer (proof attached) and were clearly demanded as “commission to get the loan approved.”
Such actions amount to bribery and corruption, and it is concerning that Shriram Finance employees are demanding payments directly from customers for official work.
3. Excessive and Unjustified Charges
Processing Fee: ₹50,000 charged by Shriram Finance is abnormally high.
Annual Interest Rate: 27.3106% per annum — this is far above standard business loan rates and seems exploitative.
Pre-closure Charges: 4% (₹95,892) — excessively penalizing early repayment.
Additional 18% “Interest” on this pre-closure fee (₹17,260) — this charge is unjustified and burdensome.
In total, I repaid ₹29,97,540 + ₹25,000 commission = ₹30,22,540, against the disbursed ₹24,16,383 — resulting in a total difference of ₹6,06,157 (excluding documentation and MODT fees). This is unreasonable for a 7-month duration.
It has costed me nearly 7 lakhs for 7 months.
4. Post-Closure Harassment and Additional Bribe Demands
After loan closure, Mr. Shiva (Manager, Mobile: +91 91777 08312) contacted me demanding ₹2,000 to release my property documents, claiming it was for the person “who came to release the documents.”
I was also told that since the concerned person was on leave, I should pay him his “salary” to expedite my file. This is completely unethical and amounts to harassment of the customer post loan closure.
5. False Commitments Regarding NOC & Document Release
I was informed that the NOC and original documents would be released within a week after payment. However, I was later told it would take a month, and I had to make additional payments to get the work done sooner.
This violates basic consumer rights and reflects serious internal corruption within Shriram Finance.
Summary of My Key Concerns:
1. Unexplained deduction of ₹9,018 from disbursal.
2. Forced commission/bribe payments totaling ₹25,000 to Shriram Finance staff.
3. Unreasonably high interest rate (27.31% annually) and fees.
4. Pre-closure penalty and interest charges that are unjustified.
5. Post-closure demand of ₹2,000 for document release.
6. Delay and misinformation about NOC and paper handover.
Reliefs and Actions Requested:
I respectfully request that the concerned authorities:
1. Conduct a detailed investigation into these unethical and illegal practices by Shriram Finance personnel.
2. Direct Shriram Finance Ltd. to refund all unauthorized deductions and commissions, including the ₹9,018 difference, ₹25,000 commission, ₹17,260 additional interest, and ₹2,000 demanded post-closure.
3. Take disciplinary action against the employees involved (namely, Kalvala Madhu.
4. Issue a warning or penalty to Shriram Finance Ltd. for engaging in exploitative interest practices and post-closure harassment.
Attachments Provided for Reference:
1. Copy of Loan Agreement (unsigned copy received from Shriram Finance personnel).
2. Screenshot proof of receiving the agreement from the company representative.
3. Bank Statement showing disbursal and commission payments.
4. Payment proofs of ₹15,000 and ₹10,000 to Kalvala Madhu.
I request urgent attention to this matter as I am facing unnecessary mental stress and financial loss due to Shriram Finance’s unprofessional conduct.
This is with reference to my complaint dated 06/11/2025 (Which I shared just above). This above message was drafted and never send on the request of Madhu he visited my office and told me that he will not repeat).
I would like to bring to your urgent attention an additional and very serious issue that has recently come to my notice.
Unauthorized Insurance Policy Issued Without Consent
I have received a message from Shriram Life Insurance informing me about a policy under my name and requesting me to maintain sufficient balance for premium deductions. I state the following with full responsibility:
I was never informed or explained about any insurance policy at the time of availing the loan.
I have not given any explicit consent to enroll in any such policy.
No policy documents were shared with me either via email or in physical form.
I was made to sign multiple documents during the loan process without proper explanation, and I strongly suspect that my signatures have been misused.
Unauthorized E-Mandate Activation
Further, I have discovered that an E-mandate has been activated on my bank account without my knowledge or approval, which is a clear violation of banking norms and customer consent requirements.
I am now being informed that this policy cannot be cancelled for three years, which is completely unacceptable since I never knowingly opted for it.
Concern Regarding Staff Conduct
Given my previous experience highlighted in the earlier complaint, I have serious concerns that Mr. Kalvala Madhu has been involved in misrepresentation and misuse of my documents and trust. Such actions are fraudulent in nature and require strict investigation.
Requested Actions
In light of the above, I request the concerned authorities to:
Immediately investigate the issuance of this insurance policy.
Cancel the policy with immediate effect without any penalties or lock-in conditions.
Deactivate the E-mandate linked to my bank account.
Provide documented proof of my alleged consent for this policy.
Take strict action against the individuals responsible for this misconduct.
Attachment
Screenshot of the message received from Shriram Life Insurance
This matter is extremely serious and has caused me significant distress.
I request immediate intervention and resolution.
Yours sincerely,
Khaja Nadeemuddin
Malakpet, Hyderabad
Email: ndmuae@gmail.com
Phone: +91 8977461804
I, Khaja Nadeemuddin, aged 28 years, resident of Malakpet, Hyderabad, wish to file this formal complaint against Shriram Finance Ltd. regarding unethical and exploitative practices experienced during and after my business loan process.
Loan Details:
Loan Type: Business Loan Against Property
Loan Sanction Date: 28/03/2025
Loan Amount (as per Agreement): ₹24,25,401 (Annexure B, Page 3 of 7, Point 7)
Actual Amount Credited to My Account: ₹24,16,383 (Bank Statement attached)
Difference: ₹9,018 unaccounted
Issues & Grievances:
1. Unexplained Deduction of ₹9,018
As per the official loan agreement, the net disbursal amount mentioned is ₹24,25,401. However, the actual credited amount was ₹24,16,383. The difference of ₹9,018 has not been explained or accounted for by Shriram Finance.
2. Illegal Commission Demands by Company Personnel
After receiving the loan, I was approached by Mr. Kalvala Madhu (first point of contact at Shriram Finance), who demanded and collected ₹15,000 on 31/03/2025 and ₹10,000 on 03/04/2025 — totaling ₹25,000.
These payments were made via bank transfer (proof attached) and were clearly demanded as “commission to get the loan approved.”
Such actions amount to bribery and corruption, and it is concerning that Shriram Finance employees are demanding payments directly from customers for official work.
3. Excessive and Unjustified Charges
Processing Fee: ₹50,000 charged by Shriram Finance is abnormally high.
Annual Interest Rate: 27.3106% per annum — this is far above standard business loan rates and seems exploitative.
Pre-closure Charges: 4% (₹95,892) — excessively penalizing early repayment.
Additional 18% “Interest” on this pre-closure fee (₹17,260) — this charge is unjustified and burdensome.
In total, I repaid ₹29,97,540 + ₹25,000 commission = ₹30,22,540, against the disbursed ₹24,16,383 — resulting in a total difference of ₹6,06,157 (excluding documentation and MODT fees). This is unreasonable for a 7-month duration.
It has costed me nearly 7 lakhs for 7 months.
4. Post-Closure Harassment and Additional Bribe Demands
After loan closure, Mr. Shiva (Manager, Mobile: +91 91777 08312) contacted me demanding ₹2,000 to release my property documents, claiming it was for the person “who came to release the documents.”
I was also told that since the concerned person was on leave, I should pay him his “salary” to expedite my file. This is completely unethical and amounts to harassment of the customer post loan closure.
5. False Commitments Regarding NOC & Document Release
I was informed that the NOC and original documents would be released within a week after payment. However, I was later told it would take a month, and I had to make additional payments to get the work done sooner.
This violates basic consumer rights and reflects serious internal corruption within Shriram Finance.
Summary of My Key Concerns:
1. Unexplained deduction of ₹9,018 from disbursal.
2. Forced commission/bribe payments totaling ₹25,000 to Shriram Finance staff.
3. Unreasonably high interest rate (27.31% annually) and fees.
4. Pre-closure penalty and interest charges that are unjustified.
5. Post-closure demand of ₹2,000 for document release.
6. Delay and misinformation about NOC and paper handover.
Reliefs and Actions Requested:
I respectfully request that the concerned authorities:
1. Conduct a detailed investigation into these unethical and illegal practices by Shriram Finance personnel.
2. Direct Shriram Finance Ltd. to refund all unauthorized deductions and commissions, including the ₹9,018 difference, ₹25,000 commission, ₹17,260 additional interest, and ₹2,000 demanded post-closure.
3. Take disciplinary action against the employees involved (namely, Kalvala Madhu.
4. Issue a warning or penalty to Shriram Finance Ltd. for engaging in exploitative interest practices and post-closure harassment.
Attachments Provided for Reference:
1. Copy of Loan Agreement (unsigned copy received from Shriram Finance personnel).
2. Screenshot proof of receiving the agreement from the company representative.
3. Bank Statement showing disbursal and commission payments.
4. Payment proofs of ₹15,000 and ₹10,000 to Kalvala Madhu.
I request urgent attention to this matter as I am facing unnecessary mental stress and financial loss due to Shriram Finance’s unprofessional conduct.
This is with reference to my complaint dated 06/11/2025 (Which I shared just above). This above message was drafted and never send on the request of Madhu he visited my office and told me that he will not repeat).
I would like to bring to your urgent attention an additional and very serious issue that has recently come to my notice.
Unauthorized Insurance Policy Issued Without Consent
I have received a message from Shriram Life Insurance informing me about a policy under my name and requesting me to maintain sufficient balance for premium deductions. I state the following with full responsibility:
I was never informed or explained about any insurance policy at the time of availing the loan.
I have not given any explicit consent to enroll in any such policy.
No policy documents were shared with me either via email or in physical form.
I was made to sign multiple documents during the loan process without proper explanation, and I strongly suspect that my signatures have been misused.
Unauthorized E-Mandate Activation
Further, I have discovered that an E-mandate has been activated on my bank account without my knowledge or approval, which is a clear violation of banking norms and customer consent requirements.
I am now being informed that this policy cannot be cancelled for three years, which is completely unacceptable since I never knowingly opted for it.
Concern Regarding Staff Conduct
Given my previous experience highlighted in the earlier complaint, I have serious concerns that Mr. Kalvala Madhu has been involved in misrepresentation and misuse of my documents and trust. Such actions are fraudulent in nature and require strict investigation.
Requested Actions
In light of the above, I request the concerned authorities to:
Immediately investigate the issuance of this insurance policy.
Cancel the policy with immediate effect without any penalties or lock-in conditions.
Deactivate the E-mandate linked to my bank account.
Provide documented proof of my alleged consent for this policy.
Take strict action against the individuals responsible for this misconduct.
Attachment
Screenshot of the message received from Shriram Life Insurance
This matter is extremely serious and has caused me significant distress.
I request immediate intervention and resolution.
Yours sincerely,
Khaja Nadeemuddin
Malakpet, Hyderabad
Email: ndmuae@gmail.com
Phone: +91 8977461804
