Hello All,
I have a concern to have your valuable legal expertise advise for the below.
1. Availed a personal loan of Rs 60,000/- from Fullerton India during July 2009.
2. I was told the rate of interest was 23% per annum
3. ECS form filled by the bank had incorrect bank account #. Hence no EMI cleared through ECS, but thorough manual payment every month.
4. I was ignorant of this ECS failure ( failure on my part), and woke up after a year askign bank official to get the ECS activated. By then i paid nearly 12 EMI's manually - Me being charged for late payment fees for all these EMI's.
5. Now when i asked for summary of my payment record, to my surprise the interest was at 37.86 percent per annum ( which was a total crap) and this was not at all informed to me even after tweo years.\
6. I have paid EMI's to INR 80,000/- till date.
7. Fullerton has now come hard on me saying i have still INR 50,000/- more to pay to them.
8. Now i am undergoing a financial crisis which puts me hard to pay my EMI, and have gone to them for a settlement of the remaining amount by a waiver.
Fullerton has sent a Lok adalat notice. Can you please advise me what best to be done in my case?
With regards,
Kumar
