Need help
ksvrajuadv
(Querist) 04 February 2013
This query is : Resolved
Hi Experts,
One of my friend open franchise of loan providing company in his area.company giving loans under different headins like home loan,shop loan,plat loan, plot loan,student loan etc,my friend arranged 8-10 clients for company & complete all documentations of those clients along with demand drafts of amount about Rs 25000/ on the name of company,clients also spent money on the name of processing fee,file charge etc.Afterwards company denied all loans on arbitrialy & refused their cases.My friend gave them Rs 15,000/ as franchise fee Spent about Rs 2,00,000 for office & other misllenous purpose..Now all clients are asking for money from my friend & threat him to file cases aganist him.Plz suggest me which has suitable remedy of my friend aganist company.Reply soon its very urgent.
ajay sethi
(Expert) 04 February 2013
if customers dont meet the requirements company is not bound to sanction loan . all banks finace companies charge processing fees . if you don not meet the income criteria no company wil give loans .
let the cleints file cases . you defend them . ask company to give in writing reasons for refusal to give loans .
