Dtd.07.03.2023                                            A/309/2022

O R D E R

             HON’BLE Mr.JUSTICE HULUVADI G RAMESH : PRESIDENT

1.    This is an appeal filed U/s.41 of CPA 2019 by OP.1 & 2/Appellants aggrieved by the order dtd.28.10.2021 passed in CC/1285/2016 on the file of 3^rd Addl., District Commission, Bengaluru urban.  
2. The Commission examined grounds of appeal, impugned order, appeal papers and heard the learned counsels.
3. Complainant filed complaint before the Commission below alleging deficiency in service against the OPs in collecting excess EMI towards his loan even after completing the loan tenure. OPs contended that it acted as per RBI guidelines and as per the agreement entered with the Complainant the interest rate is opted as floating not fixed. Commission below held an enquiry and proceed to allow the complaint in part. Aggrieved by the said order OPs preferred this appeal reiterating its stand as stated in the version. In this regard, we examined the impugned order, wherein Commission below observes that “as per the terms of the agreement, the duration of the loan was for a period of 120 months; Ex-P7/statement of account reflects that the bank has charged exorbitant rate of interest on the loan amount; according to Ex-R2/loan sanction letter at page no.4 the effective rate of interest is 9.75% p.m and repayment schedule is 120 months. However, the OP bank has produced Ex-R3/repayment schedule by calculating exorbitant rate of interest and tenure of months shown as 243 which is against Ex-R2/loan sanction letter” which in our view sounds well. However, loan is said to have been sanctioned on adjustable interest rate, the additional six instalments deduced by OPs for a sum of Rs.31,720/- from the Complainants account, the same shall be adjusted towards interest if any. In such view of the matter, the order of the Commission below requires modification. Accordingly we proceed to dispose of the appeal and modified the order of the Commission below in the following terms:

The OPs are directed to issue loan clearance certificate to the complainant for the loan account bearing no.LBBNG00001182885. No order as to cost and compensation.

4. The amount in deposit is directed to be refund to the Appellants with proper identification by their advocate.   
5. Notify copy of this Order to the District Commission and parties.

Lady Member             Judicial Member              President      

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