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Amount demanded in excess of amount sanctioned for loan
30-Aug-2023 (In Banking / Finance Law)
An NBFC sanctioned a secured loan @ 15.50% flat interest rate. After 4 months installment payment of Rs.2 lacs, I approached for settlement. They demand 10.45% excess over the sanctioned amount. They say only few 1000s adjusted in principle amount. Can the NBFC demand more amount ?
The bank cannot get more money than the RBI permitted. You can issue notice to the bank if they violated the rules. If you have repayment or default issues you should contact a lawyer to protect your rights.
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Adv. Satish Kumar
Chennai | 500+ Answers
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