Consumer OR Contract?
shruti deshpande
(Querist) 23 March 2010
This query is : Resolved
I have taken home loan from IDBI bank. disbursed on 16/oct/2009. i have not recieved any documentsation from the bank. mean while i found a press release of IDBI bank dated 29 sept 2009 effective from 1 st oct 2009, that they offer home loan by 9%( i am charged 9.5%). i requested them to change it to 9% but the bank people ignore by saying that your file is a old file. my query is whether i should go to consumer forum or it is covered by law of contracts. Pl. enlighten me on following E-mail. shruti_sachin@rediffmail.com
Manish Singh
(Expert) 23 March 2010
you may lodge complaint to the consumer forum for seedy redressal.
the bank may be correct in its stand if your approval of loan dates back much earlier. still lodge a complaint in the forum.
R.R. KRISHNAA
(Expert) 23 March 2010
Miss Shruti,
IDBI Bank is right in saying so. Those who take loan from 1st October only are eligible for 9%. As you had taken loan earlier, this new offer will not be applicable to you. I dont think you have any right to enforce in consumer/contract.
adv. rajeev ( rajoo )
(Expert) 23 March 2010
You are not a consumer because you have not obtained any service from the bank you are a loanee of the bank and regarding charging of interest it is the discretionary powers of the bank. Bank is right before press release of new rate of interest your loan is sanctioned.
Parthasarathi Loganathan
(Expert) 23 March 2010
You may first check up with IDBI Bank and find out as to whether you have opted for Fixed Rate of Interest or Floating Rate of Interest? If it is the former, you are not entitled for higher or subsequent revision of interest rates.
Parveen Kr. Aggarwal
(Expert) 23 March 2010
First of all, you must make yourself clear whether the cut off date of 01.10.2009 regarding interest rate of nine percent is the date for application of loan or disbursement of loan amount or any other date. In case loan disbursed after the aforesaid date are to be charged interest on the above rate then certainly you are entitled for the benefit. Otherwise, the cut off date is for application of loan then you will not be entitled for that rate of interest if your application is of the previous date.
In any case, you must go through the relevant circulars/notices/policy of the bank.
In case you are found eligible for nine per cent rate of interest, you can file a complaint before the Consumer Forum because you are a consumer of the bank for consideration as the charges effected by bank from you on account of interest are the consideration for providing you services of loan.
Kumar Thadhani
(Expert) 24 March 2010
Your bank must contracted agreement with you at the time of disbursement of loan.Read the contract or loan agreement contract., and approach your banker with your request.
