Banking
Kvijay12345
(Querist) 26 August 2011
This query is : Resolved
Is furnishing the loan details alongwith the copies of the signed loan relevent documents including the copy of the signed loan agreement to the customers, after the sanction of the loan, mandatory to the banks and the commercial non banking finance companies ? what is the law for this? If it is mandatory to the banks and non banking finance companies to provide all the information of the loan alongwith the copies of the loan relevant documents to the customers, what is the maximum time period in which these copies should be furnished to the consumers? If any bank fails to furnish the details of the loan alongwith the copies of the relevant documents despite of several requisitions by the customer, what action and under what sections, can be taken against such bank? are those loan documents including the loan agreement signed by the customer without any detailed information on the loan, considered valid if such an incident happens.
Dr Anil Kumar Singh
(Expert) 26 August 2011
If the agreement is signed by the customer it is deemed that he has read it carefully before endorsing his signatures for the same hence the liability of customer ac not be denied. However any complaint against the Bank can be lodged with Banking lok Pal (Banking Ombudsman ).
Raj Kumar Makkad
(Expert) 26 August 2011
If any customer demands copies of all such documents got signed by bank while disbursing loan then such bank s bound to supply all such documents even under RTI Act and s per doctrine of natural justice but if any bank has failed to adhered to then such customer can be compensated by way of some monetary help as there is no separate law to deal with such situation except to approach Banking Lok Pal or consumer forum.
Advocate. Arunagiri
(Expert) 26 August 2011
If you sign incomplete forms, it is presumed that you are authorizing them to fill it up.
The bank will give details of loan, while sanctioning the loan.
In case of any complaints against the bank you can approach Banking ombudsman.
prabhakar singh
(Expert) 27 August 2011
Agree with experts ,all are of one view albeit in their own style of expression.
M/s. Y-not legal services
(Expert) 26 August 2011
