Bank cutting down interest now
Apurv
(Querist) 15 August 2017
This query is : Resolved
Hi i have taken education loan of 4 lacs in 2012. From indian overseas bank. I was giving the interest from the same year now in 2016 i got grduated and started working from march 2017 and i was paying the interest til march 2017. Then i started my emi. Now from april my emi of rs 9000 start deducted. But in july they have cut diwn the interest i.e 9100 something. I want to kbow is this right?? Because from 2012 i am paying interest to the bank.
Rajendra K Goyal
(Expert) 16 August 2017
Bank calculate interest and add the amount in the principal at regular interval.
Obtain copy of bank statement and find out whether any panel interest is charged or the amount paid by you is properly accounted for.
How have you been paying the interest / whether after getting information from Bank whether how much you have to pay for interest and expenses or just by calculating yourself?
Any amount paid by you is adjusted from interest debited and afterwards from principal. May refer to your loan agreement.
Kumar Doab
(Expert) 16 August 2017
First of all write to Bank/BM and you are likely to get reply in line with T&C.........
Dr J C Vashista
(Expert) 17 August 2017
What is the dispute involving process of Court and/or putting law into motion?
Do you really need advise of legal experts for deduction of more amount?
Have you consulted a local lawyer for issuance of legal notice for the arbitrary action taken by the Bank? If not, move fast to minimise further recovery/damage.
It is pure abuse of this platform.
