Bank did not provide repay schedule and disbursed my car loan

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.

Answers (3)

220 votes

Dear client,
If you have loan process problem you can file a complaint under banking ombudsman scheme of reserve bank of India. File your complaint with this and attained your session in court.

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103 votes

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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162 votes

Make a complaint to the ombudsman of the bank regarding misconduct of the bank and also to the manager of the branch of the said bank form where you have taken loan. There after ask your bank officer to restructure your loan as per your requirement.

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