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Author Topic: Bank loan settlement – Legal advice – Requested – Reg.  (Read 158 times)

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Offline Venkata narayana Kuchana

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Bank loan settlement – Legal advice – Requested – Reg.
« on: November 15, 2017, 08:39:51 AM »
I K. Venkata Narayana, Rtd. Govt Employee H.No: 2-9-286/5/A, Snehanagar, hanamkonda, Warangal Urban – 506370,Telanagan, Submit as follows
   I have availed education loan of Rs. 9,00,000/- on 27-02-2009 from Andhra Pradesh Grameena Vikas Bank (Sponsored by State bank of India) Kasibugga branch, Warangal for my son K.Anil Kumar to pursue Master of Information Technology at Australia.
   I mortgaged and deposited my title deed property H.No: 2-9-286/5/A, hanamkonda with register deed no: 11239/2007 vide title deed deposit no: 1258/2009 Dt: 27-02-2009 of joint Sub-Register, Warangal Urban.
   While sanctioning my education loan on 26-02-2009 in the agreement letter for education loan scheme the rate of interest is 13% p.a. and subject to revision from time to time. “As it is a floating rate of interest”.
   The certificate of enrolment the course commences on 02-03-2009 and ends on 31.12.2010. The repayment starts One year after the course period i.e., January 2012.
   I have paid interest of Rs. 2,60,000/- during the moratorium period from 02-03-2009 to 31.12.2011. But 1% interest concession have not given as per bank rules.
   It is learnt that the education loan rate of interest has been decreased to 10.75%, but the bank authorities have increased and charged the rate of interest raising from 13% to 14% w.e.f. 01-07-2017.
   Aggrieved by increasing rate of interest, charging compound interest and not providing 1% interest concession during moratorium period, I had made a complaint to Banking Ombudsman, Hyderabad vide complaint no. 201617009006548 Dt. 28-06-2017.
   On this complaint the bank authorities called me and made negotiation in forcing me to agree with their offer to reduce interest rate from 14% to 13% w.e.f 01-07-2011. The 1% difference interest calculated and reversed an amount of Rs. 43,460/-. In view of the mental agony I withdraw the complaint with Banking Ombudsman on 05-09-2017.
   During the negotiation I requested the bank authorities for One-time settlement, for that I will pay Rs. 2,00,000/- as against the outstanding loan of Rs. 3,50,000/-, but they denied.
   So, for I have paid an amount of Rs. 13,33,500/- (i.e., Rs. 7,83,500/- interest + Rs. 5,50,000/- principle) as against loan amount Rs. 9,00,000/-.
(Cont. 2)
   My son K.Anil Kumar is doing a small job in a private company at Hyderabad and he is not in a position to pay EMIs. With my limited resources i.e., my pension amount I am paying the instalment @ Rs. 10,000/- p.m.
   A representation through an advocate have requested the bank authorities on 22-09-2017 to resettle the account in reducing the compound interest, adopt prevailing rate of interest and OTS. But there is no response.
   Finally, I submit as follows.
•   Education Loan taken         Rs. 9,00,000/-      on 27-02-2009
•   Rate of Interest         13%
•   Amount repaid up to 07-11-2017   Rs. 13,33,500/-
(i.e., Rs. 7,83,500/- interest + Rs. 5,50,000/- principle)
•   Amount is to be paid         Rs. 3,43,361/-

1.   Is there any provision of law to reduce the compound interest as the bank authorities have charged compound interest from the date of sanctioning?
2.   As per agreement it is a floating rate of interest, but they are not followed and charging 13% instead of reducing rate of interest to 10.75%. can we question as per law to reduce the interest?
3.   During the moratorium period from 02-03-2009 to 31.12.2011, I have paid interest of Rs. 2,60,000/- for that not given 1% interest concession as per rules.
4.   I have also requested OTS and offered to pay Rs. 2,00,000/- as against outstanding loan of Rs. 3,50,000/-, but they denied. Is there any scope for OTS?

In view of the above said circumstances, Is there any grounds favourable in my case may kindly be reviewed and give suitable suggestions as per law.

Offline sahibsingh94

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Re: Bank loan settlement – Legal advice – Requested – Reg.
« Reply #1 on: November 29, 2017, 06:40:38 AM »
Hi,
The forum in your case would be the State Consumer forum of your state. And yes legally you can seek a reduction of interest.
Further, you can also seek the help of High court's writ Jurisdiction in your case.
Sahib Gurdeep Singh
Advocate
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