From
Prakash.L
572,6th Main, 6th Cross
P.J Extension
Davangere
Karnataka
Email: prakashbmw123@gmail.com
M-09844488854, 9448112297
Dear Sir
We are having Overdraft Account with SKP Co-operative Bank, since from 10 years. We availed 26 lakhs loan by giving Collateral Security of our 1 residential House and 1 Commercial building. Due to heavy losses in our business we could not able to pay interest regularly but it came to NPA finally. From their banker started charging compound interest basis now it came to around 50 lakhs. Now banker went to DRCS Court from past one and half years.
In our agreement it has been agreed to pay 13% Interest and 2% panel interest. But they are charging 15% in total to our principle loan plus compound interest
In our agreement no where it is mentioned about compound interest clause
Due to heavy loss we don’t have money to pay accordingly to the bankers demand.
So I request you to please guide us with winning legal points to come out of this crisis.
If possible please provide your email id and contact details so it may more easy
