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Deepak Nair   30 July 2018

Personal Loan

Hi Team,

I took personal loan from one of the leading bank where one of the executive told me initially that i will get the loan with 11% around interest rate however after 18 months i realised that they charging 13% interest rate. now that executive is not working in the same bank..i called one of the executive and told about my query but he said the issue is too old now and person left the bank not sure what agreement had happend btween me and executive 1 and half year back..
now what to do?


 8 Replies

R.Ramachandran (Advocate)     30 July 2018

You have a copy of the loan agreement with you.  See what is written in it.  

R.Ramachandran (Advocate)     30 July 2018

If you do not have the copy of the agreement, then go to the bank and ask them to show the agreement and verify.   It is not necessary that the same Manager/person who was there at the time of sanctioning the loan should be present now also, unless he informed you orally, while something else is in writing.  That you should have noticed on the first time when the first instalment was being paid by you.

Deepak Nair   30 July 2018

In the loan agreement they havent mentioned the % they only mentioned the monthly EMI that i have to repay.i didnt calculate that time. Is it possible to ask for the recorded call ?

R.Ramachandran (Advocate)     30 July 2018

Who has recorded the call?  

In any case, if no % is mentioned in the agreement copy available with you, it means that they have filled it up. Therefore, you have to necessarily examine the document with the bank to find out the % interest mentioned in the agreement.  

Deepak Nair   30 July 2018

Thank you for your quick response sir!!!. I believe all the calls are recoreded lines in banks. If i ask for them to retrieve all the calls between me and the execetive it possible? I can see in my netbanking - loan tab section..13% interest..but not mentioned in my letter. Not sure if this is too late and nothing we can do now and ending up paying 25k more.

Kumar Doab (FIN)     01 August 2018

The calls may/may not be recorded.

The drop down/tab in your netbanking a/c is not in your control.

You can take screenshots/printouts.

Kumar Doab (FIN)     01 August 2018


You may retrieve from your record documents pertaining to loan brochure, loan offer, loan agreement, loan sanction, loan statements and discuss in person with a very able senior LOCAL counsel of unshakable repute and integrity specializing in civil/consumer  matters   and well versed with latest citations, LOCAL applicable rules/laws/ … and having successful track record…. and worth his/her salt…..and show the documents/evidence for a considered opinion..

At each location three are some counsels that specialize in such matters and they are well known.

Check for such counsels at LOCAL civil courts, HC……

Your LOCAL counsel/CA may also help to calculate from the EMI the %

In future keep all related documents..

Also note that lender is under obligation to provide authenticated copies of  such docs..

GO thru guidelines issued by regulator RBI, Watchdogs like BCSBI,IBA

You may try on your own with bank/banker and may or may not get the desired relief..

Ghayaz (Founder)     03 June 2019

Dear Depak nair,


The Enchanced Rate of interest that you have notices may be on account of 2 reasons 

  1.  A fluctations in Rate of Interst as per the directions of the RBI from time to time, which is callled " Floating Rate of Intrest"
  2. It is possible the enchansment is due on the account of Default in the Payment of EMI. 


Kind Regards,

Ghayaz.R - Sirius Group


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