Sandeep Sawant (Technical lead) 16 October 2013

Full and final settlement

Dear All,

My wife has taken loan of Rs 6 Lakh from her company. Company grant the loan but not told her reagrding Interest. We have taken loan in Aug 2011 & we paid 2 Lakh in April 2012 & remaining 4 lakh in June 2012. After the full settelment. We forget to take loan clear certificate from company. My wife work there next eight month & in march 2013 she resign from the company. She give 30 days notice to company & her resignation was accepted by company on 2-feb 2013 & her last working day was 3-Mar-2013. Since company not giving salary on time & we have home loan So it is difficlut to run house. Comapny hold her 2 month salary by giving reason that we accept your resignation on 2-Feb-2013 So you will not get Januray month Salary by System program. As per the company policy full & final settelment should be in 30 days. But after rigiriosly followup with company. on 28th Sep 2013 company ask to come for FNF. But in bifurcation they have deducted 89700/- with interest rate of 14.95 % & Rs. 10,000/- deducted for DGR course that her taken year 2010.& certificate is also not valid. So we asked company at the time of loan sanction nobody tell me about the interest & there is no written communication of interest amount. So she did not accept the remaining FNF amount. So is there any law that company cliam for interset if there is no written communication. Kindly help us or guide us to fight against company.

Regards

Sandeep Sawant

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5 Replies

Sarvesh Kumar Sharma Advocate (Advocacy) 16 October 2013

It is the duty of the person who take the loan ; read terms & conditions ! And he there is no written agreement file civil suit.

T. Kalaiselvan, Advocate (Advocate) 17 October 2013

If you still possess the copies of the loan papers, please go through the terms and conditions for grant of loan including the interest thereupon over it. I dont think if there is any company granting loan without the charge of any interest for the same. A minimum amount of interest might have been charged as condition which may be calculated with the repayment. Check up with the rules of company's loan policy and if you feel they have violated the same, you may issue a legal notice demanding the return of excess amount deducted, based on the reply, consult your lawyer whether to go for recovery of money with interest thereon through a court of law.

Sandeep Sawant (Technical lead) 17 October 2013

Dear Sir,

There was no agreement only on normal white paper application was given at the time of taking a loan. On the basis of the application loan was sanctioned to me . I had repaid the complete loan in the month of June 2012 and after repaying she was still working with the organisation for 8 months . They did not communicate any think about interest on loan netiher after repaying the loan or even at the time of leaving the organisation . When we started following up for my Full and Final settlement they intimated us that i need to pay the interest on loan.

Please advise in this scenrio , can the company re-cover the interest on loan and is it correct as per law.

T. Kalaiselvan, Advocate (Advocate) 18 October 2013

If you are sure that the company did not stipulate any terms or conditions at the time of grant of loan and you are sure that you have not signed any such issues, you may issue a legal notice demanding the return of the excess amount deducted from you and trouble you are facing due to the company's erratic dealings or mis-managements. If you are not satisfied with their reply to your legal notice and are still not ready to return your the excess amount deducted and are not complying with your demands, you may sue the company and seek its intervention by a court of law for the relief and remedy.