hi friends, this is ravi here from chennai, i would like to discuss a new topic on personal loans provided by various banks in different kind of interest..... first i need ur valuable comments on the rate of interest. any limitations in fixing and charging such a kind of interest rate, then at the time of personal verification here in chennai they quote a rate of interest and bargain the loan availablity and finalize the thing with the client and getting lot of signatures from them, the clients are not having as much time to spend for read and sing all those papers because already they have to spend more than one or two hours for personal discussion and all. so immediately after getting approval for avail such amount of loan they sign and come back. after that the clients not having any copy of the loan agreements papers etc. some banks are sending amortization schedule but some of them not even sending the details of monthly EMI and the rate of interest tenure etc. nothing they send, they have to let the clients to know the preclosure procedures etc.
For the above facts i need ur comments and any legal impact available in respect of the same . pls come and provide ur opinion in this regard.
regards
ravi
The interest rates are governed by RBI.
As you said in most of the loan transactions, the customer is kept in the dark. But this is mainly becasue there is no accountability for the bank officials. As a matter of fact, in most of the case where banks file recovery suits, the documents are unfilled. Though these discrepancies are pointed out during cross-examination, the courts tend to decree the suit. It is really pitiable.
