Legal Question in Banking Law in India

I have a loan with a new generation bank. After disbursing the loan amount the bank change loan amount by adding five and half lakhs rupees to the loan without my knowledge and consent. And they took the amount as the premium for insurance policy on behalf of me. And they hide all this things from me for a long period. How can I approach them to get justice.

Asked on 9/10/13, 9:09 am

1 Answer from Attorneys

Fca Prashant Chavan Expert Edge LLP
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10.09.2013

Dear Sir / Madam,

Many of the loan policies these days have a mandatory clause / condition that the borrower should have a personal insurance policy. If you have failed to take out the policy yourself, the bank is authorized to take the policy on your behalf and debit your loan A/c with the premium. You should confirm the terms and conditions mentioned in your Loan Agreement.

Regards,

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Answered on 9/10/13, 9:47 am

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