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Can I sue bank for negligence and miscommunication
23-Apr-2023 (In Banking / Finance Law)
I have bought educational loan for 4 lakh from SBT. I have been informed to pay 8500 as my emi after my mortorium period (June 2013). However I couldn't pay my emi immediately and started paying my emi after 5 months (Nov 2013). Due to delayed payment, emi has increased to higher amount which was not communicated to me till March 2017. With the available information, I paid 8500 since Nov 2013 to my loan account on regular basis. Now bank says whatever I paid till now is gone under interest component and principle remains same. My current outstanding is 440000. Can I sue my bank for their miscommunication and miscalculation of emi?
Issue a legal notice to the bank narrating all those issues cited here. You can file a writ petition against the banker's illegal claim and exorbitant interest. It is a duty upon the banker's to issue notice whenever the default arises or change of interest rate or EMI amount to the borrower. If they committed such a failure you may sue against them.
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Adv. Selvaperumal
Chennai | 100+ Answers
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