Personal loan late payment exorbitant fee

Querist : Anonymous (Querist) 16 August 2010 This query is : Resolved
I had been given a personal loan by a bank because I was a credit card customer. Bank did not ask me to sign any document for the personal loan. Subsequently I had paid the complete loan however bank is asking me to pay 15000 more against the non regular payment of EMI. Yes I paid some emis late but never defaulted. I feel bank is now asking for exorbitant amount. Please guide me is there any leagal way to avoid this extra mount from the bank?

while granting loan bank was well aware that I am a non regular paying customer as I could pay my credit card dues most of the time little late but in this case also I did not default any time I always paid the complete mount to bank. In such situation can bank still go ahead and grant a personal loan without any paper work? is it legal?

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s.subramanian (Expert) 16 August 2010
It is quite usual for the banks to charge penal interest on delayed payment of the EMIs. You approach the Manager and request for the waiver of the penal interest.

Chanchal Nag Chowdhury (Expert) 18 August 2010
I will suggest that U surrender the credit card first.Ask the Bank to furnish details of a/cs. Tell the bank bluntly that enough is enough. Let them go to court where, in all probability, they will get nothing.

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