Foreclosure of loan account?

Question

Dear Sir, With reference to the above mentioned subject i would like to inform you that the above mentioned loan account is currently in mobility towards me from my bank which subjects to an EMI of 5059/- to me. recently in needed an amount of 50000/- as for a personal expenditure for which i contacted bank people Mr. Vikas and Miss pooja I was offered a balance transfer from my other bank for an amount of 1.5 lacs so that the my bank loan may be fore closed and new EMIs may be introduced on behalf of  my other bank .i got an amount of 1 lacs transfered from other bank and a cheque for 50000/- favoring the closure for the above account. but now i am informed that the account will not be closed before an year. besides now i am subjected to an additional EMI of 7118/- per month on this 1.5 lacs out of which i have used only 50000/-. as i communicate with  my bank they only give me a date in advance that my issue will be resolved but till now no action has been suggested except an advice that it can be closed only after 12 EMI as per bank rules. as this all subjects a kind of a miscommunication and a false commitments to me i request you to kindly advice me what shall i do as I shall not be held liable to pay this EMI. moreover now my bank is not at all intersted to close this when this balance transfer is given by thier executives only. I am in a huge trouble and a mental harrasment as I have always been loyal to every financial authorities and have no issues with anyone uptill now. I would deeply request please give me a solution.
Thanks & regards, 
Ankit Bhatt.

Answer 1

Dear Ankit

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 the sanction letter of your first loan (proposed to be foreclosed) does not indicate any clause that the loan can not be foreclosed prior to prompt payment of 12 EMIs, the bank is not in order in asking you to wait for 1 year.  But, if the sanction letter had that condition, which you have agreed upon, the bank would not pre-close the loan account.  You can only make them aware of your exigency and request for waiver of the condition and foreclose.  Do speak to the seniors of the bank and request.

RAJA