How to get the refund of processing fees which was paid againt unsanctioned loan
Ranganath.T
(Querist) 26 December 2008
This query is : Resolved
Dear Sir or Madam,
Our is Pvt Ltd company for Business purpose we have approched for Business Loan from with providing proper colateral security against the loan with ICICI Bank after several documentation Bank peoples are collected Processing Fees against Loan sanction but unfortunately they refused our request and loan was not provided and they did not given any reson for refuse. altimately we lost the processing Fees by Rs. 50000.00.
Can any body help me to get the justice, can we file the suit against the Bank, is it prosible or not.
Pls give me your precious opinion on this matter.
Kindly oblige and the needful.
Thanking You.
Yours faithfully,
Ranganath.T
M. PIRAVI PERUMAL
(Expert) 27 December 2008
Look at the terms and conditions relating to payment of process, mostly processing fees are non-refundable. Your application for loan to the bank may have been processed and rejected by the bank for any shortcoming or deficiency on the part of your company. Since your application is processed by the Bank they might refuse to refund it citing the terms and conditions. If the terms and conditions in this regard is in your favour you can file a suit for recovery of the process fee paid by you. If the applicant is an individual customer I could have advised you to approach the consumer disputes redressal forum alleging deficiency in service and unfair trade practice.
RAKHI BUDHIRAJA ADVOCATE
(Expert) 27 December 2008
I do agree with Mr. Perumal. U sholud go through the terms & conditions of ur agreement first.
Prashant Kumar Jha
(Expert) 30 December 2008
in my opnion u must read the terms & condition of the bank then only move to court because processing fees are non refundable in almost cases.i agree with the advice of my friend Mr Perumal
