Changing tenure of a personal loan


Hi

I applied for a personal loan in HDFC one month ago. I talked with the executive about the interest rate and tenure details. Finally the interest rate is fixed as 11.49% for 4 lacks and I chose a tenure for 3 years. The documents are collected and processed. After the acceptance of the application, I got an SMS about the tenure and priciple amount details. Unfortunately I paid no attention to it, since it is an SMS. As of my knowledge the bank have to call the customer and tell about the details like principle amount, interest rate, tenure, etc. But I didn't received any call. Within few hours executive came with agreement and I signed it (since I spoke about the interest rate and tenure with him already). The agreement is empty when I signed it. Finally the loan is disbursed not for 3 years but for a tenure of 4 years. I called the manager and requested to change it to 3 years. But he refused.

My questions are,

Is it legal to disburse loan without a call confirmation?

If not, is it possible to insist the bank to change the tenure legally? 

 

Thanks

 
Reply   
 
CEO

The answer to your first question is NO.

The answer to the 2nd question is Yes.If the bANKSDOESN'T AGREE WITH YOUR Contentions approach bank Ombudsman.


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CEO

Sir, One should never sign a blank paper. One should always sign a document after reading it. Once a document is signed one has to abide by it. If you have signed a contract with the Bank you are legally obliged to honour it. It will be in the best of your interests to settle the matter with mutual agreement. Good luck, Kishor Mehta

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Director

The presumption of signing documents is that borrower has agreed with all terms and conditions for sanction by the Bank.

If the borrower says that he has not agreed and about oral discussiosn with some other is not a valid argument.

No one can expect that Bank charges 11.49% interest on personal loans.


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Scientist/Engineer

It is illegal to take signature on blank paper. You can complain to the banking ombudsman, provided you have evidence for the facts and  mala fide on the part of the bank can be proven. If you complain to the ombudsman in the manner in which you have reported here, you will lose the case. As regards interest rate you may have a case before consumer court. Again it will depend on what all are written in the agreement.


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