Regarding cancellation of loan agreement
Koushik
(Querist) 22 September 2014
This query is : Resolved
Dear Experts,
Please help me.
My query is that one of my relative has applied for a loan with a bank through an associate agent of that bank.
Actual problem is that his ID Proof & Address proof is for his previous rental house and he shifted to a new rental house. but application is made based on ID proof address and he has intimated the same to that agent. later that agent has taken his signatures on the blank loan agreement copy and insisting him to take a loan and demanding higher commission. so this person is cancelled the loan application and intimated to the bank by way of email based on loan application reference no. but he has received no communication from bank. now the agent is black mailing him either to take the loan or pay the charges of Rs. 10,000/- or else he is going to file a case in the court of law saying that he has given fake address for availing loan.
now i want to know that whether the blank agreement signed by my relative is valid as he has not given any cheques to the bank but given the id proofs.
whether the bank or the agent has an authority to sue my relative based on the above subject.
Kindly advise me in this regard. Awaiting your reply.
Also advise me the steps to be taken from getting out of it by my relative.
Thanks in Advance
Kumar Doab
(Expert) 22 September 2014
Record the demands of the agent (audio/visual) and keep some witness with you.
Once agent knows that he can't blackmail he shall be silent.
Obtain written response from bank that as per email loan application has been cancelled.
Advocate. Arunagiri
(Expert) 22 September 2014
It seems that there no criminal intention on your relative. He can not sue for giving a old address.
Lodge a Complaint on the agent to the concerned bank.
Raj Kumar Makkad
(Expert) 22 September 2014
I have also the similar opinion as expressed above.
Rajendra K Goyal
(Expert) 23 September 2014
Record the demands of the agent and inform the Bank with all details.
Give in writing and take acknowledgement from the Bank to cancel your loan as you Id with new address is not ready.
ajay sethi
(Expert) 23 September 2014
agree with experts
Koushik
(Querist) 23 September 2014
Thank you all for your reply.
As per Arunagiri sir and Raj Kumar sir, my relative can not be sued for giving old address as he has no criminal intention. Kindly clarify me, whether the court of law takes into consideration of intention of a person. Also,is there any possibility of getting notice to him based on the ID Proof and Enquiry by bank.
I have one more doubt that either the agent or such other persons (executives of bank) can misuse the signed agreement and id proof's, etc. because my relative has signed ECS Mandate also but not given any cheques. If yes what steps you suggest for the same?
Thank you once again sir.
Kumar Doab
(Expert) 23 September 2014
Cancel the ECS mandate in writing under proper acknowledgment.
Demand to return all documents submitted by you.
The bank is under obligation to provide authenticated copies of each document given to sign to customer on the spot.
malipeddi jaggarao
(Expert) 23 September 2014
There is no issue at all.Giving old ID proofs that too loan not availed is not a wrong.
First Option:
Ask your relative to send a letter to the Bank narrate the story by regd.ack.due post stating that he though bank's blank documents were signed, he has not obtained any loan asking for confirmation that no loan is created in his name. Mark a copy to the next higher authority of the Bank.
Second Option:
Leash a threat to the agent that you are going to send a written complaint against him to the higher authorities of the bank. Ask him to return the signed blank documents previously handed over. If he returns the documents, strike a deal and forget the episode.
T. Kalaiselvan, Advocate
(Expert) 30 September 2014
You may follow the correct and very proper advise and suggestions made by expert Mr.Jagga Rao to your query. This will take care of all the related subsequent issues that may rise in the future.
