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Victor
(Querist) 23 September 2013
This query is : Resolved
A leading bank taken X lakhs through EMI and upon dissatisfaction, the closure was done after additional charges of 70k INR.
Now the loan transfered to other bank. But after paying for 3 years , the bank has not reduced any principal amount.
Experts do we have rights to go back to bank where account was closed and seek the reasonable principle amount is being paid back.
ajay sethi
(Expert) 23 September 2013
when loan was transferred to another bank you must have been given statement mentioning loan amount , interest payable , how much of EMI would go towards interest and principal . banks always recover more interest in initial years . please cross check your statement
Rajendra K Goyal
(Expert) 23 September 2013
The principal is added with the periodical interest and initially negligible principal is reduced on payment of EMI.
You can approach your previous Banker and request them to sanction a fresh loan to you. Due to movement to another Bank your present Bank may charge again per-closer charges. Better check the terms and conditions of the loan and the procedure of application of interest. In absence of full facts and documents nothing concrete can be advised.
However, if you change again your Banker and have to pay per-closer charges again it will be an example of :So Jute Khaye and so piyaj Khaye(Eaten hundred onions and also threshed by hundred Canes in punishment - in spite of any one punishment due to frequent opting different punishment both were taken)
R.K Nanda
(Expert) 23 September 2013
go to ur previous bank.
