Personal loan Issue?

Question

I have requested for personal loan for 5 lacks. The bank people promised me 1.25% as processing fee and documentation charges of Rs 200 with 13.99% as  This was on day 1. After processing all formalities they have disbursed Rs 488349 to my account. Now if i speak to customer care they say processing fee as 2%. There was no formal communication on change in processing fees or other deductions. I didn't receive the amount as promised on day 1 I am very dissatisfied and disappointed about bank.

 

Answer 1

Dear Chethan

At the outset, let me clarify that this site is designed and managed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

If you are armed with a proper sanction letter from the bank indicating that the processing fee would only be 1.25%, may take it up with their Nodal Officer for grievances, whose coordinates would be available on their website.  If he too is not responding, may further complain to the Banking Ombudsman, by visiting website, https://bankingombudsman.rbi.org.in.

RAJA