Respected Sir/Madam,
With due respect, it is submitted that one of my friend has borrowed Gold Loan from a Govt. Bank amounting to Rs.5 lac against Gold Amount Rs. 9 lacs in the year 2024 and the Branch Manager did not provide one copy of sanction letter which mentioning terms and condition of Gold Loan. After one year, the bank at once demanded full payment of Rs.5 lacs at once and compel the customer for repayment fo 5 lac alongwith interest amount. Even the Bank did not intimate regarding repayment of gold loan after 12 months as Gold Loan does not exceed the renewal term or upgraded. Due to non having Rs.5 lacs the consumer requested the bank to extend the term about 6 to 12 months but bank is not ready.
In this default of bank, the consumer why suffered a lot ? Kindly suggest what steps have to adopt by consumer for repayment of gold loan in this the bank is fully liable for their mis communnication to consumer.
