1If bank gives customer fraud loan repayment schedule which doesn't match loan statement...it happened two times for single loan account. Within two months bank gave two diff loan repayment schedule totally manipulating book of account...
The repayment schedule once given is final and a borrower can always seek that certified copy of sanction letter issued at any time under RTI and under CP Act. Further, Bank has to record the sanctions in books of accounts and also inform the same to higher authorities. Hence there can not be any discrepancy.
However, if correct rate of interest is not calculated for EMI fixing (error) there may be some errors in EMI.(These are clerical errors in not feeding into the system correct no of instalments , or period or principal or rate of interest.
This is not manipulative, but only correcting the mistake. The Bank is bound to intimate the error, express regret for the previous lapse and request them to take second one as authentic.
They also gave agreement where signature of bank officials is missing...so it is legally nonenforceable..
Customer can insist for certified copy of Agreement available in record with official signature as certified copy under RTI Act. Normally, the sanctioning authority contributes signatures after obtaining all documents and only after verification. He can only sign only after verification, once they are signed the documents are kept under double lock and key. If agreement is in dispute the forum must accept the agreement with signatures of borrower as it can not be created by borrower himself, as handwriting is with Bank employee. The presumption in case of all bank forms is that officials sign finally.
They gave fraud loan repayment schedule Two times..can a bank claim it to be legally binding on borrower.
The sanction terms and conditions should be informed to borrower with his signatures. How many times it is given is not the issue, the acknowledgment and information to borrower is the deciding point.
I must mention borrower has repaid total principal amount plus few lakhs as interest...can bank earn any benefit from a legally unenforceable agreement and fraud account statement? Loan agreement was executed in favor of bank where they didn't sign ..pls guide?
If the Borrower has repaid entire principle and atleast Prime Lending rate, the dispute with the borrower is genuine and borrower is sincere. DRT, consumer forum, Banking Ombudsman, Court and RBI should admit in the first sentence of their decision that the borrower is sincere and repaid the principal and PLR and the dispute is only on charging interest.
Whether the interest charged by the bank is correct or not can be verified in many ways. For eample if a loan of Rs.20/- lakhs was sanctioned as Home loan on 3-4-18, the rate of interest applied for all loans sanctioned in entire country must be uniform and as per circular issued showing RBI Rate, Prime Lending Rate and the percentage of interest over such rates charged by the Bank. If the borrower has a doubt that excess interest was charged, he has a right to seek such certified copy of circular on lending rates prescribed by the bank through circular on that date and if the bank charged over and above the rates, it amounts to misrepresentation. If such errror is not rectified they it becomes a criminal offence as knowingly that it is not correct, they have charged interest against the norms fixed by the Bank. (Generally this happens only in unsecured loans, released prior to getting sanctions. It is possible, as many officials release the loan immediately though the sanctioned amount is not within their powers and writes for ratification of their action. So, interest will be charged at maximum lending rate upto date of receipt of sanction and the rate of interest as per sanction has to be followed)
Agreement on record signed by both the parties are valid. Bank always keeps that and atleast 10 officials verify that document in the first year. Account can never become fraud. Account statement is a copy of original account / Ledger. If the agreed rates of interest/sanction terms are not followed, it is only a serious irregularity and can not be fraud. A fraud is that the employee gets a personal benefit out of that transaction. Here what ever is earned by the bank goes to the bank and not to personal account of employee. That is the reason I have suggested you not to use fraud in case of Bank. Fraud or criminal offence must establish unlawful gains to himself.
As repeatedly stated, I am not expert and a common man. It is upto the member to take it or leave it and while replying we sincerely attempt to provide guidance with bonafide knowledge.