Apurv Singh Rathore accuses Sammaan Capital Finance of arbitrarily increasing his home loan interest rate from 9% to 14.5% and blocking access to his online account. Read the full complaint.
Checkout : LinkedIn Post URL
Complaint Details : Sammaan Capital Finance Accused of Unjust Home Loan Interest Hike & Account Blocking – Shocking Complaint by Apurv Singh Rathore
| Customer Name | Apurv Singh Rathore |
|---|---|
| Loan Provider | Sammaan Capital Finance |
| Loan Type | Home Loan |
| Original Interest Rate | 9% |
| Hiked Interest Rate | 14.5% (without prior notice or consent) |
| Account Restrictions | Blocked access to online portal; unable to pre-close loan |
| Key Issues Raised | Unauthorised rate hike, unethical restrictions, lack of transparency |
| Complaint Submitted To | Sammaan Capital Grievance Redressal Officer |
| Public Statement By | Apurv Singh Rathore via LinkedIn |
| Loan ID | HHLBAN00241574 |
| Current Status | Awaiting resolution; potential legal escalation indicated |
Serious Allegations Against Sammaan Capital: Unauthorized Rate Hike & Online Account Blocking
Apurv Singh Rathore, an Oracle Cloud Financials and Supply Chain SME, has made a serious public complaint against Sammaan Capital Finance, claiming:
- His home loan interest rate was raised from 9% to 14.5% without his approval.
- He was locked out of the loan portal, effectively blocked from reviewing or closing his loan.
- The company offered no justification, clause reference, or notice regarding this sudden hike.
This case raises major concerns about consumer rights violations and unethical lending practices.
Breakdown of the Complaint
1. Arbitrary Interest Rate Hike
Apurv alleges that the interest rate was increased to 14.5% a significant jump from the agreed 9%.
He was neither notified in advance nor provided with supporting documentation justifying such a drastic change.
2. Online Portal Access Denied
He has been restricted from accessing his loan account via the online platform. This means:
- He cannot view loan details
- He cannot apply for pre-closure
- He cannot initiate a foreclosure or even track repayments
This is not just inconvenient it borders on unethical digital manipulation to trap borrowers into high-interest repayment cycles.
Demands by the Customer
Apurv has requested the following from Sammaan Capital:
- A detailed explanation for the interest rate hike, with legal or contractual proof
- Immediate restoration of online portal access
- The ability to pre-close the loan without penalties
- A refund or rollback of any excess interest charged, if found unjustified
He has given the company 7 working days to resolve the issue, after which he will approach the RBI Ombudsman, Banking Lokpal, and other legal grievance platforms.
Violation of RBI Guidelines?
As per RBI norms and fair banking practices:
- Any increase in loan interest rates must be transparently communicated with prior notice
- Customers cannot be denied access to their loan accounts or foreclosure options
- Blocking digital access to avoid foreclosure can be classified as coercive lending behavior
This situation may attract serious scrutiny from the RBI and consumer forums.
FAQs
1. Can a bank or NBFC increase my home loan interest without informing me?
No. As per RBI guidelines, any increase in interest rate must be notified in advance and backed by contractual clauses agreed upon during the loan signing.
2. What is the maximum interest a private lender can charge on a home loan?
NBFCs must operate within fair lending practices. Interest rates above 14% on a home loan can be challenged if found arbitrary or exploitative.
3. Can a lender block my access to the loan portal?
No. Blocking your access to loan details or pre-closure options without valid reason is unethical and potentially illegal under consumer protection laws.
4. How can I report a finance company to RBI?
You can file a complaint through the RBI’s Complaint Management System (CMS) or write to the RBI Ombudsman online.
5. What is the RBI Ombudsman?
It’s a grievance redressal system run by the Reserve Bank of India to resolve consumer complaints against banks and NBFCs in a time-bound manner.
6. Can I pre-close my home loan if the lender refuses?
Yes. As per RBI regulations, borrowers have full rights to pre-close or foreclose a loan. Denial can be challenged in court or via the RBI Ombudsman.
7. What are my rights if interest is increased without consent?
You can demand a full explanation, legal justification, and even seek compensation for unjust enrichment by the lender.
8. How long does it take for the RBI Ombudsman to resolve a case?
Usually, complaints are acknowledged within 15 days and resolved within 30 to 90 days, depending on complexity.
9. Is it legal to deny foreclosure to borrowers?
No. Foreclosure is a fundamental right of the borrower. Blocking this option can be considered financial harassment.
10. Where can I submit my consumer complaint publicly?
You can publish your complaint on Choice4Voice.com a platform that highlights consumer grievances to pressure companies into resolution.
Final Words: Consumers Must Stand Against Unfair Lending
Apurv’s experience is a wake-up call for anyone dealing with NBFCs or private lenders. Companies cannot be allowed to:
- Arbitrarily change loan terms
- Hide behind digital platforms
- Deny customer access to their own financial data
If you are facing similar issues with your bank or NBFC, speak up.
👉 Submit your complaint at: www.Choice4Voice.com
👉 Tag @Choice4Voice on LinkedIn to get public support
We help consumers hold companies accountable.
Disclaimer: This article is based on a public LinkedIn complaint by Apurv Singh Rathore and is intended for public awareness and consumer education. Choice4Voice.com is a consumer advocacy platform and does not verify individual claims but amplifies genuine issues for broader impact.
