Physical possession by bank property sold in eauction

Akhil Verma (Querist) 23 August 2024 This query is : Resolved
Respected Mam,

Interest rate which was fixed in my Gold OD of Rs. 5.00 lacs is not reduced by Bank even after multiple written reminder and 2.5 month of correspondence.

Please get it reduced to the original set ROI i.e. 7.50% as per agreement, which was supposed to be fixed for 3 years.

Regards,

Akhil Verma

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Quick Summary

This discussion addresses concerns about a bank not reducing the interest rate on a Gold OD loan as per the initial agreement. While the user has sent written reminders, the bank has not yet acted. Advice suggests reviewing the loan agreement's terms and conditions and contacting the Relationship Manager. Legal action may be considered if the bank fails to resolve the issue after a response.

kavksatyanarayana (Expert) 23 August 2024
Did you read the terms and conditions of the movable loan agreement? What are the terms and conditions of the agreement? You have taken the loan on their terms and conditions and how other persons reduce it? You request the RM of the bank in this regard.

T. Kalaiselvan, Advocate (Expert) 23 August 2024
You have reproduced the letter here which was written by you to the bank, thus you may have to wait for the reply from the bank after which you can decide further course of legal action, if necessary, until then we cannot render any opinion to the pending issue

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