Respected Madam,
By reason of my much-loved father's unexpected fatal accident, his dream home construction stopped up abruptly. Because of this sudden mishap, my state of mind to be adamant to complete my home for my father because I am the first son to him. At that point in time, subsequent high up Banks were forthcoming for Personal Loan & Credit Cards. As a result of this, I got Personal Loan and Credit Cards from beneath point out banks. Nowadays I had arrears for Credit Cards and Personal Loan for the following Banks.
Credit Cards Supplied by the Following Banks as a result of insisted through Mobile Phone and gave quite a lot of anguish to me. Along with there have been no proper direction from the following banks since September 2007.
Credit Card Issued Date - Bank Name - Card Limit
[protected] Axis Personal Loan – Rs.1, 80, 000/-
[protected] Barclay Personal Loan – Rs.2, 00, 000/-
[protected] Deutsche Bank Classic Card– Rs.25, 000/-
[protected] Barclay Gold Card – Rs.50, 000/-
[protected] ICICI Bank Titanium Card – Rs. 53, 000/-
[protected] Barclay English Premium Card – Rs.30, 000/-
[protected] Axis Bank Visa Gold Card – Rs.43, 000/-
[protected] Citi Bank Visa Gold Card – Rs.66, 000/-
[protected] Abn-amro Bank one card – Rs.67, 000/-
[protected] ICICI Personal Loan – Rs.1, 00, 000/-
My Monthly Net Income : Rs.17, 639/-
As stated by RBI's Categorized Instruction in wallet RBI / 2005-06 / 211 DBOD.FSD.BC.49/24.01.011/2005-06 to all commercial banks / NBFCs & According to the verdict of the Banking Regulation Act, 1949.
Wide of the mark in Issue of Credit Cards to me by beneath point out banks, in addition they did not independently assess the credit risk while issuing cards to me. (Details as per E-mail sent to all banks on[protected].
On 13th January 2007, unexpected demise of My Dear Father. Because of this My Dear Father's Dream Home Construction stopped up abruptly. By reason of this I had been wandering to all Banks in Thoothukudi District, Tirunelveli District & Karnataka State for Home Loan from January 2007 to August 2007 ( 8 months) for draw to a close o[censored]nfinished work of my Father's Home. Finally I was mentally affected by home loan malfunction.
After that the similar banks which I went for home loan purpose were giving the Credit Cards and Personal Loan with Competition. At that moment I used this possibility for my Father's home construction purpose. But now I am helpless. Above Banks not make the grade to check my monetary position individually. Nowadays these Banks are bullying to me to get their amount with more interest. I am requesting you for advocate to all above mentioned Banks to decrease more interest of my Credit Cards.
I sent request Email to all Banks on[protected] and I revealed my monetary situation. But there is no proper redressal of my grievance. As per Fair Practice code (circular DBOD.leg.No.B.C 104 / 09.07.007 / 2002-03 dated May 5, 2003) the third party agencies for debit collection are not consider my present situation as well they are not direct for further process. They are telling muscularly we want money "you collect it from your friends or relatives and give to us". It affected me as verbally, physically and mentally.
Meanwhile, Axis Credit Card Account Linked to My Axis Salaried Account without Prior Information and they grasped my salary for December 2008 and January 2009. Without money at hand no possibilities to compensate to other Banks.( As mentioned mail sent to Axis Bank on 30th November 2008).
As per Mail Sent on[protected] to All Banks. My Financial Condition follows :
Date - Banks - Total Amount Payable with interest - Minimum Payable Amount
[protected] Deutsche Bank Classic Card – Rs.26, 456.80/- - Rs.2, 166.51/-
[protected] Barclay Gold Card – Rs.53, 639.56/- - Rs.2, 690.00/-
[protected] ICICI Bank Titanium Card – Rs. 53, 924.96/- -Rs.2, 700.00/-
[protected] Barclay English Premium Card – Rs.34, 466.77/- -Rs.2, 820.00/-
[protected] Axis Bank Visa Gold Card – Rs.37, 441.09/- - Rs.1, 873.00/-
[protected] Citi Bank Visa Gold Card – Rs.15, 341.46/- - Rs.767.06/-
[protected] Abn-amro Bank one card – Rs.29, 121.51/- - Rs.9, 175.67/-
As per Mail Sent to you on Today[protected], The Total Payable Amount to all Banks raised twofold times of the Payable Amount. Please think me as your son and lend a hand as soon as possible.
Date - Banks - Total Amount Payable with interest - Minimum Payable Amount
[protected] Deutsche Bank Classic Card –Rs.22, 800.00/- -Rs.5, 700.00/-
[protected] Barclay Gold Card – Rs.53, 639.56/- -Rs.2, 690.00/-
[protected] ICICI Bank Titanium Card – Rs. 72, 442.34/- - Rs.12, 420.00/-
[protected] Barclay English Premium Card – Rs.40, 656.03/- - Rs.5, 180.00/-
[protected] Axis Bank Visa Gold Card – Rs.50, 283.39/- - Rs.17, 323.39/-
[protected] Citi Bank Visa Gold Card – Rs.18, 180.00/- - Rs.3, 030.00/-
[protected] Abn-amro Bank one card – Rs.40, 767.59/- - Rs.12, 842.72/-
Personal Loan EMI per Month:
1. Axis Bank – Rs.5024/-
2. Barclay Bank - Rs.5101/-
3. ICICI Bank – Rs.3615/-
My Insurance Savings :
1. LIC - Rs.20, 000/-
2. Max Newyork Life – Rs.15, 000/-
3. Birla Sun Life – Rs.25, 000/-
4. Reliance Mutual Fund – Rs.10, 000/-
In the direction of defrayal to all Credit Card Account, is there any potential to obtain some amount from above mentioned insurance company.
As on date[protected],
Total Payable Minimum Credit Card Amount to all Banks per month = Rs.59, 186.11/-
Total Payable Personal Loan EMI amount to all Banks per month = Rs.13, 740.00/-
Total Monthly Payable Amount to all Banks = Rs. 72, 926.11/-
But My Total Monthly Salary is = Rs.20, 000.00/-
In addition, My Insurance Savings = Rs.70, 000.00/-
It is too difficult to pay the Minimum Amount to all Banks.In this Critical Situation I am helpless.There is no Father to Help me. But I am Consider You as my Parents and I am supplicate that to take exploit, probable in The Consumer Protection Act, 1986.
I am powerfully accept as true that who spend their time to come across this correspondence to facilitate me.I Propose to Combined Personal Loan and Credit Card Accounts as Single (Home Loan) Account. I am prayerful to you with spirit, for your openhanded intelligence to haul up me. I strongly promise that with God's prop up my family will be dedicate you an assortment. We are Five Fingers to raise your status. I wish for strong commendation from your expression to the monetary Authority.
I am look ahead to superior supporter like god's elegance.
Thanking you.
Regards,
J.JAYARUBAN, B.E.,
Aug 14, 2020
Complaint marked as Resolved 
Since disbursement of loan in Nov 2006 the undersigned had been requesting the bank for the working out of the loan account in excel sheet – ie the calculation of interest etc so that I could follow / track the account, to this effect I have even called Mr Ramesh the previous RAC head at Pune TILL DATE THE EXACT METHOD OF CALCULATION HAS NOT BEEN GIVEN BY THE BANK!!
Also I had been regularly calling the bank in general and Mr Ramesh n Ajit in particular for the information on change in the ROI – but till date there has been no correspondence to that effect. The bank is supposed to inform the client about the revision of the ROI especially if it is a upward revision and give an option of revising the EMI to maintain the tenure same. During the visit when checked the system showed that NO LETTER TO THIS EFFECT WAS SENT TO ME. This in effect has cost me a recurring loss!!!
The other issue is that of rounding off of decimals – all good banking rules say upto and inclusive of 0.50 is rounded off to the lower and from 0.51 upwards to the higher. That is the rule AXIS bank follows for the savings and current accounts too – so HOME LOAN is no different. You can't tell me that it is the RBI policy – if so please send me the extract of the policy or guideline – RTI.
Imagine the quantum if you consider all the loan accounts the bank has.
Then THE BANK HAS a policy that if the 5th of the month is a holiday – THEN THE BANK will work the account on the 6th or the 7th and charge interest on interest for the difference of days – again THEY claim it is the RBI policy and Bank rules - the issue here is that if a particular day is a holiday – or if there is a delay in the clearing house – does the customer have to suffer – a policy issue !!
As has been categorically told to me by your staff and is evident from the calculations as also from the printout given by your bank – [though initially your staff were not sure themselves] the interest is calculated on the number of days in the month [interest * number of days in a month / number of days in a year]. 2008 being a leap year your bank has calculated the interest for the month of February for 29 days, but……….. the denominator which also has to change to 366 instead of 365 has not been done – this suits the bank as it collects interest for one extra day – this procedure has been confirmed by an email sent to me from your bank. This amounts to about Rs 480 odd in my case! Imagine the quantum if you consider all the loan accounts the bank has.
Lastly, despite all this or rather without giving due cognisance to all these issues – there is a difference of about Rs 90 odd even now- which remains unexplained!! What perturbs me most is the fact that not a single soul in the whole RAC Pune could explain the way the loan account functions the way the interest is calculated etc.
Besides – while speaking to Mr Gupta he repeatedly mentioned that he was trying to help me [more then he should be doing]– but then I thought that was the basic duty of the bank staff towards their customers – and this is more of clarifications then help being rendered. The mail sent by the bank on the 5th of March is more like – these are the ways of our bank – please lump it – you cant leave though!!! The last statement could be corroborated with the reaction of Mr Gupta when I told him that I would have no choice but to take remedial measures – to which he said "Please go ahead – our legal department will deal with it."