Legal Question in Banking Law in India

Dear Sir/Madam.

We have taken loan form SBI bank under kisan credit card scheme of Rs.15000/- as crop loan and Rs.380000/- as building construction loan on 2006

And till date we are not paid this amount ,now bank people are asking Rs.1600000/- other wise we will go for court ,

Kindly guide us for further process .

WITH REGARDS

RAGHAVENDRA B S

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Asked on 12/30/14, 3:27 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

31.12.2014

Dear Sir / Madam,

Apparently, the Bank is being unreasonable in their demands by asking you to pay Rs. 16,00,000/- by way of Principal and Interest component. Even if we take interest @ 21% per annum on the loan amount of Rs. 3,95,000/- availed by you under the scheme, the total principal and interest from 2006 till date works out to Rs. 3,95,000/- plus Rs. 6,63,600/- respectively totalling to Rs 10,58,600/- only. In my opinion, you should inform the Bank to agree to revise their demand to the above amount, else proceed through the Court.

Regards,

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Answered on 12/31/14, 3:35 am


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