I have taken a personal loan from Bank of Baroda, they never intimated me about EMI date or not sent me disbursal schedule. Every month on 28th bank has been transfering balance lying amount from my saving bank account to loan account and remaing amount if any of EMI amount deducting on when my salary transfers in my saving bank account every month.
I have taken personal loan from the same bank 3 times in past and every time they had deducted EMI amount on 10th of every month.
Now the bank has issued a letter to my employer as intimated about "default"
Sir, My questions are :
1. "IS THIS DEFUALT"
2. Should Bank first made contact with me ? after failure at my part, then they can made contact with my employer. But they directly approached with my employer.
Please advise me what action sould I take against Bank.
As per Regulatory norms you are entitled to acknowledge the terms and conditions of the loan sanctioned. You have every right to call for repayment schedule by just submitting an application to the bank
Certainly this is the fault of the Bank. You can make a Complaint before Banking Ombudsman as well as you can file a Complaint before Consumer Forum and also it is defamatory and you can file a Criminal Complaint under section 500 IPC against the officers of the Bank involved in the matter.