Since you have signed all documents relating to bank loan it would e binding upon you
2) you are an educated person and supposed to read the fine print before signing any documents
3) you would not get any reliefs from ombudsman
Bank loan
I am a footwear retailer in Chennai. This is regarding the loan account offered by a private sector bank, based on my credit card EDC machine swiping sales in my shop. The bank contacted me and gave an offer that they will give an OD facility based on my card swiping sales. So i was interested in that offer , as it is an OD facility, i can use it when i needed. The process began and was completed in 15 days. But only when i noticed the bank statement i was shocked to see it was not an OD facility but a term loan with a daily EMI of Rs.6123/-, which i could not afford. They got the loan sanction letter signed by me without my knowledge along with other documents. Till the end nobody from the bank disclosed it as a term loan, but where pretending as if they were giving an OD facility. After realising what has happened i contacted the bank and asked them to close it immediately. After many emails and conversations i received the foreclosure letter from them after 40 days, demanding a huge sum, equivalent to the interest value of the full loan tenure. I am a small retailer and could not withstand the huge additional EMI of around Rs.2,00,000.00 per month. Already i am paying around Rs.70000/- as monthly EMI for other loans. As i have signed all the documents, will i get any relief from the RBI banking ombudsman.
Asked 6 years ago in Civil Law
11 Answers
Hi
Yes ofcourse you will get relief , file your objections mentioning that they got the papers signed from you in the state of intoxication or by misguiding you or by force. Any ground you feel comfortable.
You may also file a criminal complaint against the loan officials for cheating you by mentioning wrong details about the loan.
Thank You
This is pure unfair trade practice and or deficinecy of service.
So you can file a case beofre the consumer forum claiming for damages and compensation.
Another option is lodge complaint with the Banking Ombudsman which is very strict to see that Rules and Regulations of the RBI is strictly followed .
it can direct the bank to award you with compensation also.
1. This is strange.
2. You have signed the documents with out verifying the same.
3.If it is a term loan has it been disbursed to you to your Bank account? Was there any property mortgaged for securing the said term loan?
4. If you have not availed the term loan facility, then you are not supposed to pay any EMI to repay the same.
5. Send a letter to the Bank refusing to accept the term loan which has not yet been disbursed to you and do not pay any EMI for the loan you have yet to take.
All the facts be brought to notice of ombudsman they settle the matter or approach consumer court
Hello sir , it is a case of forgery and cheating .. The bank officials forged your signature and caused wrongful loss to you .. It is advisable that you lodge a police FIR against the officials .. Also file a compalint at consumer forum for asking compensation .. How did they got signatures on the sanctioned letter ? Did you signed any blank paper ?
Dear Client,
What proof u have that they offered u OD loan.
Any letter msg. ?
The rule is buyer beware.
You may have gone through all the papers before signing.
Anyway have you received the term loan and used? If yes please pay the entire loan amount back and any penalty interest.
Bank can not charge interest for the entire period.
You have options to write to Banking ambudesmen of the bank and if you are not happy with their reply you may move to the High Court for cheating and unlawful practices.
Stop paying the EMI.
write a complaint to the ombudsman saying that you have been informed wrongly by the bank officials and without informing about the scheme the bank officials obtained your signature fraudulently.
Though, you ere supposed to read the terms carefully, but still you can save your interest by making some fabricated story.
Contact a local lawyer.
Regards
This is a case of misrepresentation and fit case where you may approach the RBI Ombudsman.
However, the onus will be on you to prove the said misrepresentation and demonstrate that in the name of an OD, by deploying fraud and concealment, the Bank without any knowledge to you, trapped in you in a term loan.
Before approaching the RBI, you may send a legal notice to the concerned bank and seek redressal of all your grievances, including the relevant relaxation/waiver that you are seeking.
The banking ombudsman or RBI will not interfere in this since you have signed the papers accepting the terms.
You can take the legal route if you have not availed the loan yet.
First send the legal notice demanding them to close the the loan which was thrust upon you fraudulently.
After that you can plan to file a suit against them seeking permanent injunction against this.
