Sir,
I had taken a term loan from of STATE BANK OF MYSORE, for the purpose of starting a dental clinic in the year 2005 April, the loan amount was Rs 2,50,000 (Two lakh and fifty thousand rupees only).I had to pay the loan in 60 equated monthly instalments.
Due to some problems I was unable to finish the loan on time.
In April 2011 I approached the chief branch manager for closing of the loan in one full time payment. As on April 2011 my dues were Rs1,14,000 (Rs 73,000 as principle amount and rest as interest). I requested the branch manager to close my account for Rs 80,000 ,but he said it was not possible for that amount and he can close it for Rs 100,000.I worte a letter for closing of the loan account for the spoken amount along with a cheque for one lakh rupees and gave him. He told me he will speak to the agm and convince them for closing, he also said he wont submit the cheque before telling me. I went to meet him 2 to 3 times after this to find out what has happened, he assured me he will call me once the approval is done all this happened in April 2011.
In the month of may 2011 I went to bank to get my passbook updated, and saw that the manager has already presented my cheque without informing me and Rs 100,000.has been transferred to SBM.I felt relived that the loan account is closed.
In may end 2011 I got a notice from SBM which stated that I have dues of Rs 1,57,000.and I am supposed to pay it immediately. I got scared and rushed to to SBM to find that the chief branch manager has been changed. I met the new manager and explained my situation, he said he does not have any idea about this and he will find out and get back to me in a day or two.I met the manager again and he told me that the agm has not approved and I had to pay the remaining amount of Rs 14,000.I spoke to the old manager over phone ,he told me that the agm has approved to close the loan account for one lakh and that is the reason he has presented the chegue he told me to meet the new manager and tell so.I went to the new manager and told him what the old manger told me.the new manager told me he will get back to me in a day or two again after speaking to the agm.I went back to meet him again 3 to 4 times on different days he said the agm has not approved to close the loan and now I have to pay RS 18000 as the interest has piled up. I told him how can interest for Rs14000 be Rs 4000 in two and half months he said the one lakh rupees has not been put into my loan account but it is in PARKING ACCOUNT. I again spoke to the old manager he told me to go and speak to the case worker who has been handling my loan account I requested the old manager to speak to him. I went and met the case worker and called up the old manager and made him speak to the case worker. The case worker spoke to the old manager and then told me he will speak to the new manager and get back to me. After a week I got a call from the bank saying I have to pay Rs752 and they will close the loan account I went then itself and paid Rs752.then I asked if the loan account is closed they said still the approval from the agm has not come they will let me know once it comes. I felt very bad I did not speak a word and just went off from there.
Now the bank dropped the bomb on me, I got a summon from the court which is on 12-08-2011.It states that as I have not paid the load they have filed a money suit against me. My total dues are RS 1,18,000 + the legal charges.
I got a call from SBM asking me to go and speak to the recovery department of SBM.I went the next day and spoke to the person in charge and explained him the whole thing which I have mentioned above.for this he said the bank has taken you for a ride. The bank does not have any power over the loan account once it come to the recovery department. He told me I should have come to him before instead of going to the bank.I told him I had no idea about recovery department since I took the loan from SBM I was supposed to pay back there itself. He then opened my account on computer to calculate the dues.I then saw RS 100,000 has been put into my account on 23-7-2011 this money was withdrawn from my savings account on 27-4-2011.I even saw that Rs 752 which I had deposited. This person got angry and started to scold the bank staff he said my account shows closed and they have no right to do this. He then told me though my account is closed I have to pay RS 18,000 as legal charges. I requested him a lot to waive off the legal charges as it was not my fault and that the bank had not communicated to him.he said there is no other go and I have to pay the legal charges he then reduced it to Rs 14,000.he also told me there is no need to go to the court on 12 -8-2011. I left from that place then called the old manager and told him what happened he told me to tell the bank to pay the legal charges as the principle amount was only Rs 73,000.he even adviced me to attend the court on 12-8-2011.
Sir I kindly request you to guide me as to what I have to do further, I have been visiting the bank from first week of april2011 to close the loan account.Rs 100000 has been transferred from my account on 27-04-2011.then all the notice and summons have been issued to me. Your guidance and advice for further action will be of great and immense help to me, thank you.