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Can a bank retrospectively change of interest rate?
21-Sep-2023 (In Consumer Court Law)
I had a term loan from a bank with tenor 144 months (12 years). Account has floating rate of interest applicable. Change in rates can be seen in original documents. But bank on their part has gone back and revised interest rate for first 6 years(2005-2010) without giving any reason/intimation, thus inflating overdue amount by 50000 by 2010 and 177,000 by 2017 (interest over that 50000) Can this case be presented to Consumer Court, if yes what major points can be put forth to Consumer court
You contact a lawyer who deals with banking loans if possible visit the lawyer who deals with this specific bank and ask clarification in this regard. Floating rate is applicable for how many months? If you find your statement is correct then issue a legal notice to the banker to rectify the fault else suitable legal action will be initiated. We should not presume that banks do not do wrong calculation.
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Adv. Sanjeevi Krishna Rao
Visakhapatnam | 200+ Answers
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this a clear of unfair trade practice and deficiency of service on the part of the bank, to give retropective effect of interest on the loan amount taken, you can file a case provided you have the bank statments prior to changes and post changes.
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Adv. Neeraj N
Hyderabad | 100+ Answers
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Dear,
The Bank's activity of revising the interest rate is unreasonable and not valid in the eyes of law as it violates the banking rules and regulations and further it amounts to deficiency of service. Send a legal notice through a lawyer to the bank and demand to make good the losses you have incurred due to the imposing of revised interest. If the bank settles the issue fine, else, file a complaint in the consumer forum and proceed accordingly.
The Bank's activity of revising the interest rate is unreasonable and not valid in the eyes of law as it violates the banking rules and regulations and further it amounts to deficiency of service. Send a legal notice through a lawyer to the bank and demand to make good the losses you have incurred due to the imposing of revised interest. If the bank settles the issue fine, else, file a complaint in the consumer forum and proceed accordingly.
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Adv. B. Srikiran
Hyderabad | 500+ Answers
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