Personal loan problem

Querist : Anonymous (Querist) 12 August 2010 This query is : Resolved
I would like to know experts openion on the following points
> Is any bank authorized to give a personal loan to a credit card holder without signing any documents?
> is yes isn't it a so called 'sahukari'.
> if not then wahat action can be taken against the bank which has lured a customer to take a personal loan without signing any document and latter asking for additional money in the name of some xyz charges.

Please guide me.
Thanks in advance

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Devajyoti Barman (Expert) 12 August 2010
The initial agreement at the tine of issuance of credit card itself is to be first looked into. Generally that agreement covers the aspect of disbursing personal loan and its related terms and condition. Basically there is not much difference between the due towards credit card and the due towards personal loan. In any case unless the borrower apply or accept the offer of loan the bank can not grant personal loan.

s.subramanian (Expert) 12 August 2010
yes. i concur.

Chanchal Nag Chowdhury (Expert) 12 August 2010
While agreeing entirely with Mr. Barman, I may add that the offer & acceptance of the loan is done over phone prior to the disbursal of the loan & there is nothing wrong in it. By accepting the loan amt. the borrower confirms the transaction. So why the fuss when it comes to repayment?

Querist : Anonymous (Querist) 13 August 2010
I am not a expert but as mentioned in query and as answered by experts question sitll remains that
what is the difference between 'Sahukari' and Banking?
It is not about repayment. It is about bank asking extra amount under the name of some charges which is always exorbitant. does our law permit such kind of personal loan? call up a customer and grant him a loan.
Law aware people may be very careful about accepting such loan but how about a common man who always a miles away from law and regulation.

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