bank interest case

Querist : Anonymous (Querist) 28 July 2010 This query is : Resolved
dear sir
i have take ssi loan of seven lakhs
from canara bank in the year 1990
from then on i could not pay the amount bank has charge me the interest of 27 percentage for every year and the have take drt order i am exparty order please tell know
what is the simply interest

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Madhav Dongre (Expert) 29 July 2010
Bank cannot charge 27% interest. You will have to appeal in DRAT if it is in limitation.

Chanchal Nag Chowdhury (Expert) 29 July 2010
How could the bank proceed ex-parte unless U have chosen not to appear?
The 27% interest may have come because of the period of rest,(usually qrtly/monthly) as agreed in your agrmt.

s.subramanian (Expert) 29 July 2010
mr.chowdry is right.

Parthasarathi Loganathan (Expert) 29 August 2010
The quantum of interest amount resulting in the figure of 27 is fully attributed to non-adherence to the stipulations of repayment plan by the borrower and nothing else,

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