Loan Illigal Foreclouser Charges Recovered

S

sawantbharati

New member
Bank Name
D.C.B. Bank, Nashik
Customer Care Number
022689977777
Loss Amount
763284
Ratings
5.00 star(s)
Opposite Party Address
DCB Bank,
Shop No 7-9, Serial No 114, Sai Ratan Residency - B, Motwani Road, Nashik Road, opposite Utsav Hall, Sane Guruji Nagar, Nashik, Maharashtra 422101
Please see that I had availed the loan from DCB bank for purchase of Agricultural land at village- Admal Tal- Mulshi Dist- Pune.
First LAP loan disbursed on date- 07/03/2022 of amount- Rs 5742000/- on the basis of salary. I have paid the land owner for primary agreement(sauda pavati) against the purchase of agricultural land.
Secondly I had applied for top-up. Bank sanctioned and disbursed Rs 7000000/- on date 31/08/2023. I have completed the agreement of Agricultural land purchase with this amount.
I have used this amount for the purchase of agriculture land.
I had applied for foreclosure of this loan on 22/02/2024. After several requests and follow-up I got a foreclosure letter on date 14/03/2024 with foreclosure charges 4%.
Actually as per agreement clause 31(A) -There will be no lock in period, no part prepayment charges and no full prepayment charges levied on floating rate business loan with only individual borrowers where the end use is other than business with or without co-obligants.
Hence no foreclosure charges are applicable but bank was forced to pay the foreclouser charges at the rate of 4% and 18% GST on it. Without the payment of foreclouser charges bank was not ready to accept cheque. So we were paid the foureclouser charges. Before that I had emailed the Nodal officer on date 14/03/2024 and requested for the waiver of the foreclouser charges but he was refused it.
Please note the points.
1. Floreclouser letter issued after several requests and email after 15 days.
2. I have used the loan amount for the purchase of Agriculture land and not for business
3. I have raised the complaint at the call centre of the bank several times and emailed.
4. I have raised the complaint on date 14/03/2024 at Nodal Officer of the DCB bank via email.
5. Due to unsatisfactory reply from Nodal Officer I have raised the Complaint to Hon. RBI ombudsman and complaint number is N202425021001625 on date 17/04/2024
6. Without detailed study Hon. Ombudsman has refused my request.
7. I have again requested to the Obusdman to recheck the fact but about 11 months has passed but no reply received.
So I am going to submit the complaint in front of Hon. Consumer Court, Nashik. It is requested to see the details and order the bank to refund my foreclouser charges amount with interest and harrashment charges of Rs 200000/-
I have all releted documents and proofs with me. I can submit it before Hon. Court.
Loan account details-
1) Name- Mahesh Pandurang Sawant
Loan Account No- DRBLNAS00547572
2) Name- Bharati Mahesh Sawant
Loan Account No- DRBLNAS00600892
 
Hello @sawantbharati ji,

I'm sorry to hear about the challenges you're facing with DCB Bank regarding the foreclosure charges on your loan. To address this issue effectively, consider the following steps:
  1. Review Loan Agreement Terms:
    • Examine your loan agreement, particularly Clause 31(A), which, as you mentioned, states that no foreclosure charges are applicable for floating rate business loans with individual borrowers where the end use is other than business.
    • Ensure that your loan qualifies under this clause, especially since the funds were used for purchasing agricultural land and not for business purposes.
  2. Compile Supporting Documentation:
    • Gather all pertinent documents, including:
      • Loan sanction letters and agreements.
      • Correspondence with DCB Bank, including emails and records of phone conversations.
      • Foreclosure letter dated 14/03/2024 specifying the 4% charges.
      • Proof of payment of the foreclosure charges and GST.
      • Complaint details submitted to the RBI Ombudsman and their responses.
  3. Draft a Formal Complaint to the Consumer Court:
    • Prepare a detailed complaint outlining:
      • The timeline of events, starting from loan disbursement to the imposition of foreclosure charges.
      • Reference to Clause 31(A) and how it applies to your situation.
      • Details of communications with the bank and the RBI Ombudsman.
      • The financial loss incurred due to the foreclosure charges and any additional distress caused.
    • Specify the relief sought, such as:
      • Refund of the foreclosure charges amounting to ₹7,63,284.
      • Compensation for harassment and legal expenses, if applicable.
  4. Seek Legal Assistance:
    • For any help in drafting and filing the case, feel free to Contact us.

Thanks
 
Back
Top