Civil Procedure Code (CPC)

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Vishal Sharma   13 September 2021

Bank loan

Learned exparts, 

I applied in a Bank (IDFC First) for a Personal Loan which was sanctioned on 26/8/21.After deduction Rs 658000 was the net sanctioned amount. Out of the net amount Rs 234800 was disbursed/credited in my account. The balance amout of above Rs 4 lacs has not yet been disbursed despite reminders. I have signed the mandate form at the time processing and the same has already been received by my existing bank(FederalBank) for collection of EMI which is around Rs 16000 PM and 1st EMI is due on 2/9/21. Whereas I am yet to receive the balance amount. Kindly advise what do I do now. 

Kind regards



 5 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     14 September 2021

You can approach bank manager where you took loan. If no proper reply then submit your grievance to banking ombudsmen online. The following is the process for lodging an online complaint with the Banking Ombudsman. Visit ONLINE COMPLAINT. Select BO office (Banking Ombudsman). ... You will be asked to fill Bank name, branch name, Complaint name, Mobile no. Fill up the form with necessary details and Click “SAVE”

G.L.N. Prasad (Retired employee.)     14 September 2021

The fundamental course of action depends on your notice to Bank, and the reasons stated by Bank for not releasing the balance amount. The bank is bound to inform each and every minor change in accepted formalities through regd post and they have to obtain acknowledgment. Contact the IDFC Bank and get such written communication. Except for minor processing charges, there can never be any deductions. The usual practice in banks is the first disbursement of the amount, and then showing such debits under each head in the loan account.. There can not be deductions in advanced amount.

Vishal Sharma   14 September 2021

Thanks. The IDFC First bank is not disbursing the balance amount of more than Rs 4 lacs. I have sent e mail to them but so there is no response. My 1st EMI is due on 2/10/21 but why should I pay the EMI when I have not got the full amount yet ? Please advise.

G.L.N. Prasad (Retired employee.)     14 September 2021

You have to immediately take up the matter through legal notice asking them for specific reasons for the delay in disbursing the amount (Honestly, without stating a reason bank can not withhold the sanctioned amount and it amounts to a serious deficiency of service) Everyone has to take care of the credit rating. Once the asset is recognized as NPA, the borrower has to pay penal interest @ 2% above the sanctioned rate, plus a lot of legal expenses, and it is difficult to raise any loan in the future due to poor credit rating. Take immediate steps and first sort it out in your own interest. Make a complaint in the online grievance on the bank website.

Vishal Sharma   14 September 2021

Kindly elaborate your comment starting " Everyone has to take care.......... Poor credit rating. I shall be much obliged.

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