PRESENT
Complainant by in person.
Opponent Ex parte.
ORDER
(Per- Mr. S. D. MADAKE, Hon’ble President.)
1) The complainant filed the complaint under section 12 of Consumer Protection Act, 1986 against Opponent for deficiency in service.
2. The complainant obtained a loan of Rs.32,60,000/- from Bank of Maharashtra with interest at 9.25 % at fixed rate on 16.1.2007. The said loan was to be repaid in 120 equal monthly installments of Rs.41,800/- per month.
3. According to complaint, opponent bank increased the interest rate and complainant was called upon to pay interest at 11.25 % p.a. instead of 9.25 %.
4. Initially the complainant filed application for Condonation of delay and this forum allowed the application on 16.9.2015.
5. The complainant stated that loan was sanctioned on 16.1.2007 at the rate of interest 9.25 % p.a. The bank revised rate of interest from 9.25 % to 11.25 % p.a. and monthly installment from Rs.41,800/- to Rs.46,200/- illegally.
6. We have very carefully perused Sanction letter and found that, loan was sanctioned at 9.25 %. Therefore Opp. is not entitle to charge more interest than agreed rate as per Sanction letter. There was no clause that interest will be reset after specified time.
7. In the result, Opp. is under an obligation to perform contractual obligation in terms of sanction letter. Hence Opp. is guilty for deficiency in service and is liable to refund excess interest or adjust in future payment.
8. As the complainant was required to file complaint for deficiency in service by bank, he is entitle for cost of Rs.5,000/- from opponent.
9. In the result, we pass the following order.
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1.The Opponent is directed to recover the amount of loan at 9.25 % only as per sanction letter, for complainant.
2. is directed to adjust the amount recovered in excess of 9.25 % interest in future installments.
3.The Opp. is directed to pay cost of Rs.5/- to complainant.
4.Copy of this order be sent to both parties.
