Malpractice of bank?

Question

I Baljit Singh Kaushik with my wife Renu Sharma from Rohtak (Haryana) got a personal loan from your Bank in 2010 .Initially, we were told that we were getting the loan from Bank@12.8%interest but were shocked to receive the letter from bank depicting it @16.5% interest after some months. We paid all the EMIs from March 2010 to January 2011 regularly and wanted to repay the loan completely as the rate of interest was too much. To our surprise, the bank refused to take full loan amount. I talked to the bank authorities and kept on paying the installments regularly .Finally, the full and final payment was done 0n 01/07/2013 as asked by bank and the bank issued a full and final settlement/Closure letter We just came to know that our name is in CIBIL defaulter list and we are unable to apply for a loan. It is highly shocking for us. Sir/Madam, me and my wife are Associate Professors in Reputed colleges and well-paid off by the Government .We have sought a Home Loan  in 2014 from your Bank and are regularly paying the EMIs of Rs. 37360/-.We are cheated by employees of  your Bank. So we appeal to this forum to get this solved at earliest possible. Please give suggestion for my problem and what is my next step.
Regards
BALJIT SINGH KAUSHIK & RENU SHARMA

Answer 1

Dear Baljit & Renu

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 personal loan amount was paid in full along with accrued interest, your names should not appear in CIBIL.  Did you check from the CIBIL, as to whose / which bank's instance, your names are appearing as defaulters?  You can write to CIBIL and seek the details.  If it was due to the bank, where from you availed the personal loan, I assume that there would have been some default from your side and the Bank would have closed the loan with certain waivers, which might have been communicated to CIBIL.  The waived amount would have been treated as a default.  It is pertinent to mention that unless one pays off the entire loan with interest, the bank would inform CIBIL, if there is any default / waiver / write-off.  Hence, check it out and take it up accordingly.

RAJA