Loan santioned but santion letter not received
Querist :
Anonymous
(Querist) 28 September 2011
This query is : Resolved
I have taken loan from nationalized bank , bank has sanctioned loan at fixed rate of interest of 9.25% for 5years after then floating , but sanction letter has not been given, we have made many visits to bank for sanction letter bank manager has not responded properly, in between bank manager has got transferred to another city new manager has came , and suddenly rate of interest has got jumped, I have made many complains to higher authorities via email and their customer care for it ,they have responded to local branch of bank to clear my matter urgently, even then new bank manager has not shown any interest in it, almost I have made 12-15 emails to their official email ids of bank, after many request he has changed in his system rate of interest , once bank manager has done changes in system ,it got corrected, but after some months rate of interest has been increased again , then also I have made many visits, new bank manager has told me ,he can’t do anything regarding in this matter I have to talk to old bank manager , he can only sign on sanction letter , after many visits and emails he has issued me Xerox copy of sanction letter and original he has kept in my file with bank .
I want to know should I do any further formalities or Xerox station letter is enough for me, otherwise when I finalize my loan amount bank can will again change me more amount?.Kindly suggest me in this matter.
and tell me can i use email as a proff in consumer court.
ajay sethi
(Expert) 28 September 2011
bank is bound to give sanction letter . it cannot refuse . it forms the basis of agreement between applicant and bank .
if xerox copy has been given by bank ask bank to certify it as true copy . email is proof that mails have been sent
prabhakar singh
(Expert) 29 September 2011
Not only sanction letter but each and every document must be furnished by the Bank.Their practice not to do so is found because debtors are found shy to enforce their these right under apprehension that this may cause
adverse impact and bank may create troble in advancing loan.
Guest
(Expert) 29 September 2011
Copies of all documents, which are in the custody of the bank pertaining to your loan, must also be in your possession. The bank cannot refuse providing copy of the sanction of loan, which contains terms of loan also.
If the bank does not give copy, you must approach to the Banking Ombudsman nominated by the RBI to interven in the matter and get you the copy provided.
malipeddi jaggarao
(Expert) 30 September 2011
I agree with expert Prabhakar singh. Even xerox copy of sanction letter will serve the purpose. Bank can not deny that it is not genuine one. Please go through the terms of sanction and if any deviations are observed, you take up the matter with the Branch as well as immediate administrative office for clarifications. Under Core Banking System, the staff are not familiarized to make entries in the system as per terms of sanction and there is no proper supervision for the entries made by data entry operators. Many Officers are not aware how to modify the earlier entry though they wish to do the same. Relentless fighting will only yield some result. Otherwise as Mr.Dhingra advised, lodge a complaint to Ombudsman listing the deviations for rectification.
Advocate. Arunagiri
(Expert) 30 September 2011
A sanction letter ought to have issued by the bank. The bank ought to obtain signature of the borrower on that for accepting the conditions.
If they have not obtained the signature, the risk is only for the bank.
If you have a xerox copy, obtain signature of the present manager, stating as "true copy".
