Sanction letter and guarantee agreement/term loan agreement
Srinivasa
(Querist) 16 April 2019
This query is : Resolved
Dear Friends,
we have been sanctioned of Term loan of 1.5crore in the year of 2010,by the RRB bank, for construction of building in the name of society, after personal guarantee of 7 members of society, terms and conditions of sanction letter is different from guaranteed agreement copy, terms of Rate of interest,Tenure period, interest intervels also different from both, which was executed 7 members of society, now which one prevail,
as per terms Sanction letter Guaranteed agreement
Rate of interest 14.5 PA 15%
Intervels ROI charge Quarterly EMI( Equated monthly instalments)
Tenure period 84 68
Sanction letter date was 29.11.2010 and guranteed agreement executed on 18.12.2010.
please clarify as a customer which can take own advantage and banker which is beneficial.
Regards,
Srinivasa reddy banda
KISHAN DUTT KALASKAR
(Expert) 18 April 2019
Dear Sir,
Get issue a legal notice to correct the terms and conditions of sanction letter.
kavksatyanarayana
(Expert) 18 April 2019
Dear Queriest, Only the written term loan Agreement is correct for both parties (the Bank and the loaness/society).
