Bank did not provide repay schedule and disbursed my car loan
25-Feb-2023 (In Banking / Finance Law)
had applied for car loan (3L) with IOB bank. They made disbursement without my confirmation and without providing me repayment schedule..Bank told me that before disbursement they will provide repay schedule and will get confirmation from me before disbarment. If i had checked disbursement schedule i probably took less loan(as interest is higher in early years)..I couldn't check the same as i did not get repayment schedule. Do i have any legel right to challenge the bank as they did not follow the procedure. Let me know so that i can proceed further with your help.
Yes, there is remedy available for the customers like you. You have to immediately report the complaint stating the facts happen with you and how you are in loss. You have to file written complaint to the concern Branch Manager. There after you have also file complaint with Bank AMBUDSMAN (The Authority).
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