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Kumar (ABC)     27 August 2012

Query on personal loan - balance emi

Hello All,

I have a concern to have your valuable legal expertise advise for the below.

1. Availed a personal loan of Rs 60,000/- from Fullerton India during July 2009.
2. I was told the rate of interest was 23% per annum
3. ECS form filled by the bank had incorrect bank account #. Hence no EMI cleared through ECS, but thorough manual payment every month.
4. I was ignorant of this ECS failure ( failure on my part), and woke up after a year askign bank official to get the ECS activated. By then i paid nearly 12 EMI's manually - Me being charged for late payment fees for all these EMI's.
5. Now when i asked for summary of my payment record, to my surprise the interest was at 37.86 percent per annum ( which was a total crap) and this was not at all informed to me even after tweo years.\
6. I have paid EMI's to  INR 80,000/- till date.
7. Fullerton has now come hard on me saying i have still INR 50,000/- more to pay to them.
8. Now i am undergoing a financial crisis which puts me hard to pay my EMI, and have gone to them for a settlement of the remaining amount by a waiver.


Fullerton has sent a Lok adalat notice. Can you please advise me what best to be done in my case?


With regards,
Kumar



Learning

 2 Replies

Ashish Singla 098140 76600 (Cheque Victim's Lawyer. LUDHIANA (PB))     27 August 2012

Personal loans are always dangerous particularly with private bankings . Ignorance of law have no excuses at all , you have to face the results . I will advice you not to go in settlement with this bank rather you manage it with further soft installments the full of your due amount , otherwise your name will be put to CIBIL , result of this you will not be able to avail any credit facility from any other bank in future . Loans are always easy to take but at the time of repayment conditions may not favorable always , so try to avoid Loans particularly Personal Loan at so high rate of Interest .

Adv. Nikhil Seth (legal consultant (9867264707))     27 August 2012

Private banks do come with such deception with customers  always stating wrong interest rates. You can attend lok adalat  notice and see whether they are settling or not . Or in case if they file a case contest the case as they have charged you high interst rates and given false information. you can fight the case on these grounds . For any assistance  or query call on 9833116807. 


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