Claim of bank is barred by limitation
2) suit if any ought to have been filed within period of 3 years
3) no need to pay full amount demanded by bank
Car loan
I had a loan with SBI for my car, the loan tenure got over a few years back. However a few months back I got a call from a SBI stating that there was an amount still pending ( with interest for the last few years it is now INR 38000). They claim this happened as the interest rate fluctuated and they did not increase the amount. So I asked them why they did not reach out to me earlier or continue to take the money as I did not stop them. I also checked my bank account and all the money has gone out correctly infact the amount has also increased on a few occasions due to th interest rate fluctuation. I told them that if needed I will pay the principal but not the interest rate I also met the branch manager but no outcome ... They want me to pay the full amount due to no fault of mine. I have met the branch manager but he is not helping he just gave me a print out of the statement and said kindly figure it out, but whatever happens you need to pay this amount.Need help in resolving this, kindly suggest next steps.
Asked 7 years ago in Civil Law
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15 Answers
1) have you closed your car loan account as you have paid all EMI.
2) What was the last date of emi and how much was loan amount.
Kindly let me know all you findings.
This is not your fault hence you can refuse to pay any amount which are charged by them at this stage.
If your loan has been fully discharged then you may issue a legal notice demanding your vehicle documents held by them.
Let them refuse to return the same for the reasons that may state therein.
You can drag them to consumer forum seeking releif and remedy including compensation for the mental tortures they have meted out to you.
1) Don't pay any amount to the bank.
2) send a legal notice through an lawyer and file a consumer complaint under deficiency of service and claim compensation.
Hello,
Did you took the NOC from the bank after re payment of the loan?
Regards
Sir if the amount is reflecting in accounts and no NOC is received from bank or any document for completion on loan then bank can ask for amount if amount is not due from more then 3 years. If the amount is due from more then 3 years then bank.cannot recover the said amount it is barred by limitation.
Further the mistake is part of bank you can deny payment and can complaint before ombudsman and can.file a consumer complaint.
Please don't delay your loan was sanctioned on fluctuating basis so if due to fluctuation it has increased then you will have to pay, so please only check what was the interest at that time otherwise they may recover it as land revenue. Please note that you have not taken certificate of clearing the loan at the time of settlement.
The last EMI went out of my account on the 11/11/2017 and i have not received any NOC or closure letter from the bank. I have sent multiple emails to SBI and have also complained about the same( i have proactively written then over 5 follow-up emails), however have not gotten any answers other than from the branch manager who is only insisting that I pay the full amount. I have take the advise given and send then a letter via a lawyer or I take this up with the consumer forum - what will be the turn around on such a matter.
Asked 7 years ago
cases before consumer forum take 2 years to be disposed of
2) pay amount under protest then claim refund
1) You can go in Consumer Forum along with all points should be narrated from the date of loan till today.
1) Whenever a person pays off a loan, its important to take this NOC document from your lender.
2) You should file complaint in district consumer forum..
See there are chances the matter can be decided in your favour and you can get.relief least from the interest as there is delsy from the bank.and on same interest is levied.
You can approach the consumer forum for relief.
You can mention it as unfair trade practice and also deficiency in service.
You can claim compensation also for mental agony.
Sir, don't be confused as I suggested earlier is the true and correct advise instead of going to court/courts you should adopt the beneficial way as the amount is small please do one thing ask the branch manager and move an application for adopting OTS as the BM Saheb has power to do so and he may cut down the amount.
Its not your fault they cant charge you interest for their fault. You are only liable to principal amount. approach consumer court if you feel aggrieved by their conduct.
Send a letter via lawyer and then file the case before the consumer forum for unfair trade practices.
Why did not you take the NOC after closing the loan?
Hypothecation has been removed from the RC or not?
Regards