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Bank asking 2 percent charges for closure of OD facility. What to do?
19-Sep-2023 (In Recovery Law)
We have a propriety firm. I took OD facility from bank in lieu of which i had given property papers as collateral. I have paid amount and closed the OD facility. Now they are asking for 2 percent fore closure charges to release my collateral property papers. Is this legal? What to do?
It's absolutely illegal. All loans are advanced with agreed rates of interest and charges if any. The banks claim cannot be a penny more than the agreed sums. Give them a legal notice and upon failure file complaint before consumer forum.
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Adv. Prasad Arvind Abhyankar
Nagpur | 25+ Answers
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