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Wrong penalties and interest rates in loan account of SBI
20-May-2023 (In Banking / Finance Law)
I have a loan account with SBI,there was never a delay in paying the EMI's but the bank auto deducted the insurance amount of the loan without informing,so the account went below the balance limit,and susequently applied the penalities for each EMI which were never late..I paid the Rs 14000/- extra to the EMI thenafter my loan interest rate was down to the prevailing interest rate of SBI,But now on further reduction in interest rate there is no auto swing and on contacting the bank authorities they are narrating different stories. Kindly advise to get back the insurance and penalities and int
Dear owner as the story uou have narrated above is one sided and i would like to inform you that banking system works on certain rules and processes so if they have deducted any amount than they would have a genuine reason for the same and as i can understand that there is auto debit of insurance pay which you must have given , they will not inform you as per banking process because the moment you sign an auto debit authorization for that particular date it works as a cheque or DD and you are bound to make payment for the same on that particular date, so the penalties levied to your account is the negligence of duty on your part and bank has no fault of its own that is why they are imposing penalty for the same , discussing with bank employees especially branch manager is the only solution and ask for the reversal of the penalties, in case you are not satisfied with my response kindly engage lawyer to handle the matter.
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