Vijay Dattatraya (Own business ) 12 June 2018

Bank delaying providing me the loan

Hi,

After making the mortgaged deed , it is a month now but finance company have not disbursed the loan still..

Sanction letter also issued.

please suggest ?

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10 Replies

R.Ramachandran (Advocate) 12 June 2018

Enquire with the company. What anybody else here can do?

1 Like

Vijay Dattatraya (Own business ) 12 June 2018

Sir thank u for the reply. I have sent multiple email to CEO and branch manager who are giving me false commitments.. Despite in need of money , i spent the money in making mortgadge deed, procesing fee as they provided me sanction letter. They are giving me false commitments each time.

Vijay Dattatraya (Own business ) 12 June 2018

Does RBI has some control on finance companies.

any act for the time limit of disbursement after sanction ?

Siddharth Jain 12 June 2018

Try to send a legal notice to them, if they are not responding to your emails.

Vijay Dattatraya (Own business ) 12 June 2018

Thanks for the reply sir

Deepak B 12 June 2018

Hello sir, I have got a new job where the joining is in 1 month. In my current company offer letter nothing was mentioned for notice period and neither I was conveyed any clear notice period. Now when I resigned they are saying that the notice period is for 2 month. Can you please help me out with this. This is a private sector company.

R.Ramachandran (Advocate) 12 June 2018

You can definitely make a complaint to the Banking Ombudsman under clause 8(2)(b) as mentioned below.

Clause 8(2) of THE BANKING OMBUDSMAN SCHEME, 2006 provides as under:-

A complaint on any one of the following grounds alleging deficiency in banking service in respect of loans and advances may be filed with the Banking Ombudsman having jurisdiction:

(a) non-observance of Reserve Bank Directives on interest rates;

(b) delays in sanction, disbursement or non-observance of prescribed time schedule for disposal of loan applications;

You can find the addresses of the Banking Ombudsman at the following link.

https://rbi.org.in/Scripts/AboutUsDisplay.aspx?pg=BankingOmbudsmen.htm

Send a Registered Complaint with all the copies of relevant documents like loan sanctioning letter, your reminders, their repeated commitments etc. etc.