Which act is applied to non finacial institutios for homeloans settlement

tej (Querist) 22 October 2012 This query is : Resolved
Respected Experts,
my query is regarding loan from GE money.
which act and norms are applicable to these non financial institutes for claims?
the statements provided shows that initially they have adjusted Rs.2880 from installment of 13094/for floating interest rate of 9.5%towards principle for 5installments then after they have reduced share towards principal to 500/ saying that rate increased to 11.76%
there is also different statements for the same period
where i can lodge complaint?under what acts?is consumer act is applicable to ge money finance.
they are asking one time settlement for Rs.1280000/

please guide

thanks in advance

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Devajyoti Barman (Expert) 22 October 2012
If you think this is exorbitant or arbitrary then file petition before the Banking Ombudsman.
If that fails to yield any result then file case before the consumer forum.

Rajeev Kumar (Expert) 22 October 2012
Yes Barman Sir has well guided you

tej (Querist) 23 October 2012
thanks but i am told that ge is non banking institute hence it is not under control of RBI rules is it true?

Guest (Expert) 23 October 2012
Mr. Tej,

You are mistaken. Non-banking financial institutions are also guided by the RBI guidelines and they are bound to abide by the orders of the RBI. These are not banks but companies, which are doing their business in financing of the projects and personal loans, etc., as like banks.

tej (Querist) 29 October 2012
thanks dhingraji, my query is where from i can get logic and ratio of adjusting my emi towards principal.please guide.

Guest (Expert) 29 October 2012
Only the company providing you loan can relax the conditions of agreement you entered in to with the company. Law won't come in to picture, unless the agreement is proved to be void or illegal on any count.

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