In the email trail posted by you the company has already cautioned you that you shall beb listed in list of defaulters with CIBIL.
Don't waste more time in communications and approach your lawyer.
As per the loan application posted by you Fullterton has not disclosed rate of interest in loan application, and hence it is violation of below mentioned guidelines of RBI.
{Look into attachment NBFC guidelines on Loan by RBI}
Regulation of excessive interest charged by NBFCs (Notification No. DNBS. 204 /
CGM (ASR)-2009 dated January 2, 2009)
“(a) The Board of each NBFC shall adopt an interest rate model taking into account
relevant factors such as, cost of funds, margin and risk premium, etc and determine
the rate of interest to be charged for loans and advances. The rate of interest and
the approach for gradations of risk and rationale for charging different rate of interest
to different categories of borrowers shall be disclosed to the borrower or customer in
the application form and communicated explicitly in the sanction letter”
https://www.fullertonindia.com/products.html
At its website Fullerton has advertised that it is NBFC under the preview of RBI.
The rate of interest is not found on its website.
“For loans: *Conditions apply: Loans at the sole discretion of Fullerton India and subject to guidelines of the Reserve Bank of India.”
https://economictimes.indiatimes.com/articleshow/2447020.cms
10 Oct, 2007, 08.29PM IST, PTI
Furnish loan agreement to borrowers, RBI tells NBFCs
MUMBAI: The Reserve Bank on Wednesday directed non-banking finance institutions (NBFCs) to 'invariably' furnish a copy of loan agreement to borrowers at the time of sanction of loans.
"Not furnishing a copy of the loan agreement or enclosures quoted in the loan agreement is an unfair practice and this could lead to disputes between the NBFC and the borrower with regard to the terms and conditions," the central bank said in its communication to NBFCs.
RBI had in 2006 issued guidelines for NBFCs for framing the Fair Practices Code asking them to convey the terms and conditions, including annualised rate of interest, of loan agreement to the borrowers.
But, it observed that the directions were not being followed by all the players.
"It is understood that in a few cases, borrowers at the time of sanction of loans are not fully aware of the terms and conditions of the loans including rate of interest either because the NBFC does not provide details of the same or the borrower has no time look into detailed agreement," it said.
“So what are the guidelines issued in 2006?
There is no document offering loan at15-16%. The NBFC is expected to inform ROI at the time of sanction of loan and it has added 35% in loan sanction letter.”
https://www.deal4loans.com/personal-loan-interest-rate.php
---At this website ROI of Fullerton in advertised as 21-32% for both CAT A and CAT B, and a quick look at the chart shall show that rate of Fullerton is excessive as compared to other lenders and beyond common sense and understanding.
---You may look into following RBI circular in attachment {NBFC guidelines on Loan by RBI} :
(vii) Complaints about excessive interest charged by NBFCs (issued vide CC No. 95 dated
May 24, 2007)
“The Reserve Bank has been receiving several complaints regarding levying of
excessive interest and charges on certain loans and advances by NBFCs. Though
interest rates are not regulated by the Bank, rates of interest beyond a certain level”
|
Banks/Rates
|
Salaried
|
|
CAT A
|
CAT B
|
Others
|
Pre Payment Charges
|
Processing Fees
|
Apply
|
|
ICICI Bank
|
14% - 14.75%
(For Special Companies)
15.5%
(Salary Above 75,000)
16 %
(Salary 50,000 -75,000)
17 %
(Salary 30,000 -50,000)
18.25%
(Salary 20,000 -30,000)
18.5%
(Less Than 20,000)
|
15.5%
(Salary Above 75,000)
16 %
(Salary 50,000 -75,000)
17 %
(Salary 30,000 -50,000)
18.25%
(Salary 20,000 -30,000)
18.5%
(Less Than 20,000)
|
15.5%
(Salary Above 75,000)
16 %
(Salary 50,000 -75,000)
17 %
(Salary 30,000 - 50,000)
18.25%
(Salary 20,000 -30,000)
18.5%
(Less Than 20,000)
|
5%
|
2% - 2.25%
|
|
|
HDFC Bank
|
13.99% - 14.75%
(For Special Companies)
15.75%
(for 75,000 & above salary),
16.25%
(for 50,000-75,000 salary),
17.25%
(for 35,000-50,000 salary),
19.25%
(below 35,000 salary)
|
15.75%
(for 75,000 & above salary),
16.25%
(for 50,000-75,000 salary),
17.25%
(for 35,000-50,000 salary),
19.25%
(below 35,000 salary)
|
22.25%
|
4%
|
2% if salary account in HDFC - other wise 2.5%
|
|
|
Bajaj Finserv
|
15.75%
|
16%
|
16.5% - 17%
|
Nil
|
2% - 2.5%
|
|
|
ING Vysya
|
14.50%
(for 75,000 & above salary),
15.75%
(for 40,000 - 75,000 salary),
17.25%
(for 30,000 - 40,000 salary)
0.5% Waiver for Ing Salary Account Holder
|
14.75%
(for 75,000 & above salary),
16.25%
(for 40,000 - 75,000 salary),
17.25%
(for 30,000 - 40,000 salary)
0.5% Waiver for Ing SalaryAccount Holder
|
16.25%
(for 75,000 & above salary),
16.75%
(for 40,000 - 75,000 salary),
18.25%
(for 25,000 - 40,000 salary)
0.5% Waiver for Ing Salary Account Holder
|
Nil Foreclosure Charges Special Offer. Valid till( 31th Dec 12 )
|
1.5% (For ING Salary Account Holder), other wise 1.75% - 2%
|
|
|
State Bank of India/SBI
(SBI Saral)
|
18.25%
|
18.25%
|
18.25%
|
N.A
|
N.A
|
|
|
Fullerton India
|
21% - 32%
|
21% - 32%
|
21% - 32%
|
4%
|
2%
|
|
|
Standard Chartered Bank
|
16% - 17%
|
17% - 18%
|
19% - 22%
|
2%-5%
|
2%
|
|
|
HDBFS
|
16%
(for 75,000 & above salary),
17%
(for 35,000 - 75,000 salary),
18%
( below 35,000 salary)
|
16%
(for 75,000 & above salary),
17%
(for 35,000 - 75,000 salary),
18%
( below 35,000 salary)
|
17%
(for 75,000 & above salary),
18%
(for 35,000 - 75,000 salary),
21%
( below 35,000 salary)
|
NIL for Select Corporates Employees (CAT A & B) 4% For Rest
|
1% - 2%
|
|
|
Citibank
|
16%
( upto 30,000 salary),
15%
(above 30,000 salary)
|
17%
( upto 30,000 salary),
16%
(above 30,000 salary)
|
17%
( upto 30,000 salary),
16%
(above 30,000 salary)
|
3%
|
1% - 2%
|
|
|
Axis Bank
|
15% (For Super CAT A),
16% (For CAT A)
|
17%
|
19% - 20%
|
Nill
|
2% & Prepayment Charges Nil
|
|
|
Kotak Bank
|
13.99- 14.25%
(For Special Companies)
15.5%
|
16.5%
|
18%-19%
|
4%
|
0.8% - 1.5 %
(for special companies)
2%
|
|
|
Andhra Bank
|
15.75%-16.75%
|
16.75%-18.75%
|
N.A.
|
N.A.
|
Rs250-Rs1000/-
|
|
|
Bank of Baroda
|
15%
|
15.5%
|
N.A.
|
N.A.
|
2%
|
|
|
Corporation Bank
|
14.5%
(undertaking letter required)
|
N.A.
|
N.A.
|
N.A.
|
1.50% of the loan amount or Rs.500/-
|
|
|
United Bank Of India
|
16%
12%(For pensioners)
|
16%-18%
12%(For pensioners)
|
16%-18%
12%(For pensioners)
|
N.A.
|
N.A.
|
|
|
Vijaya Bank
|
16%
|
N.A.
|
N.A.
|
N.A.
|
|
|
--You may also look into other circular of RBI in the attachment { NBFC guidelines on Loan by RBI} :
(viii) Regulation of excessive interest charged by NBFCs (Notification No. DNBS. 204 /
CGM (ASR)-2009 dated January 2, 2009)
“(a) The Board of each NBFC shall adopt an interest rate model taking into account
relevant factors such as, cost of funds, margin and risk premium, etc and determine
the rate of interest to be charged for loans and advances. The rate of interest and
the approach for gradations of risk and rationale for charging different rate of interest
to different categories of borrowers shall be disclosed to the borrower or customer in
the application form and communicated explicitly in the sanction letter”
As per the loan application posted by you Fullterton has not disclosed rate of interest in loan application, and hence it is violation of above mentioned guidelines of RBI.
https://www.thehindubusinessline.com/industry-and-economy/banking/proposed-rbi-guidelines-positive-for-nbfcs-india-ratings/article4217545.ece
Non-banking Finance Companies (NBFCs) are likely to benefit from the proposed guidelines by the Reserve Bank of India (RBI) which focus on enhanced corporate governance, disclosure standards and tightened liquidity management requirements.
“Domestic non-banking finance companies (NBFCs) will benefit from the enhanced corporate governance and disclosures standards and tightened liquidity management requirements proposed recently by the Reserve Bank of India (RBI),” a report by India Ratings and Research said.
It also said that there would be limited financial impact on NBFCs from the proposed revisions in asset classification, provisioning norms and higher tier-I capital ratio requirements.
The RBI released the new draft guidelines for NBFCs based on the Usha Thorat Committee report recommendations on December 12, 2012.
According to the proposed guidelines, NBFCs have to recognise a loan as non-performing asset (NPA) if it is not serviced for 90 days from the present 180 days NPA norm.
The new guideline also proposes to implement 10 percent capital adequacy ratio (CAR) norm for most of the NBFCs.
Referring to the capital adequacy ratio, the report said, “We do not expect any significant impact on the operating performance of the requirement of a minimum Tier I capital ratio of 10 per cent (current requirement of 7.5 per cent for retail finance NBFCs).”
It also added that the transition of NBFCs to the 90-day NPA norm from the present 180 day from Q1 of FY16 would not have significant impact on profitability.
“The transition of NBFCs to the 90-day NPA norm from Q1FY16 (same as at banks) from a 180-day NPA norm is unlikely to have a significant impact on NBFCs’ profitability in the medium term,” the report said.
It, however, added that NPA ratios on a 90-day delinquent basis could nearly double as most of the major NBFCs and incremental provisioning expenses (including assuming the provision for standard assets at 0.40 per cent, against the 0.25 per cent mandatory) could reduce return on average assets (ROA) by around 5-40 basis points.
The rating agency also noted that the monitoring and collection systems and borrower behaviour are likely to adjust during the transition phase and the 90-day delinquencies are likely to reduce substantially by the proposed time of implementation.
https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=624
