Legal Question in Banking Law in India
I am applying For Education Loan in OBC in 2001, But due to late sanctioned of loan, I am return the Cheque to Bank.
Now after 9 years, they are forced to me for pay Rs. 6500(Approx).
What can i do?
Am i liable to Pay them or not?
Please advice me
Rahul
2 Answers from Attorneys
You need not pay. If your repudiation to the chairman of the Bank does not result in the withdrwal of the demand, complain to Banking Ombudsman. If they file suit, defend it through a good lawyer.
Did you surrendered (CANCELLED) the Loan application at that point of time? if you did then ask the Bank regarding the charges being asked today after 9 years. But if you didnt then you will be required to pay. But before that also have a talk with the Bank.
FOR FURTHER DISCUSSIONS IF ANY YOU CAN CONTACT ON 9415109404 OR ON [email protected]
DEVANSH BHARDWAJ
ADVOCATE
LUCKNOW
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