GOLD LOAN — gold loan

Address:

Kadapa, Andhra Pradesh

Sir,

I Smt. S. Vijaya Lakshmi, W/o K. Venkata Swamy, r/o D.No. 20/91-A, Akukla Street, Cuddapah town, as taken gold loan of Rs. 4,45,239/- by pledging 335.400 Grams of Gold on 01.10.2011 during the Gold Mela held on the date. During the mela i produced the following documents as asked by the employees of the ICICI bank who are looking after the Gold Mela Loan affair.
1. Photo ID card containing my name Smt. S. Vijaya Lakshmi, W/o K. Venkata Swamy, r/o D.No. 20/91-A, Akukla Street, Cuddapah town
2. My name as Smt. S. Vijaya Lakshmi, W/o K. Venkata Swamy, r/o D.No. 20/91-A, Akukla Street, Cuddapah with my phone number i.e., [protected] and contact number of my blood relative who accompanied me to the bank. after giving the above details, they wrote in the prescribed color proforma paper and attached it to the main application after appending my signature along with my photo identity card (Voter ID) and asked me that i can take loan and details will be recorded by the bank employee in the main application form as given above.
as per the stipulation entered with the bank i am to pay interest once in six months. as such i paid 1st term of 6 months interest of Rs. 28,000/- on 29.03.2012 and i am due to pay 2nd 6 months term of interest on 29.09.2012 or after with penal interest. but due to my family circumstances and hectic busy schedule i couldn't approach the bank to pay the 2nd term interest with surmise that penal interest will be calculated for the delay as per the instructions given to the borrower in the item no. 5 which specifically mentioned that 2 % of P.A. will be collected including the taxes as per amendments of bank from time to time. on 31.01.2013 i sent my son and brother to bank to ascertain the amount to be paid to the bank including interest as i wanted to depledge the Gold weighing 335.400 grams. but to my surprise the bank informed that the gold has been auctioned in a bidding on 17.01.2013 i.e., with in 3 months 17 days from the date on which i am due to pay 2nd term of interest. it is the 1st time i ever coming across that Gold will be auctioned within such a short period without sending any notice nor obtaining consent nor acknowledgement of borrower.
When asked vehemently as to how they can auction my gold without my consent they are giving incoherent and in comprehensive replies. when i insisted to show my gold loan application the address was recorded as D.No. 20/9-1-a instead on 20/91-a, akula street, Cuddapah town which i given during the mela appending my signature and also the same is containing in the photo id card also submitted by me in the mela which were punched to the main application and asked me to append my signatures in blank application form at the place where it was noted in the signature of borrower saying the other particulars will be filled in by the bank basing on the details given by me in prescribed format in mela and id card. so i left the bank with loan amount of Rs. 4,45,239/- i.e. one third cost of jewels where as the original cost of jewels are more than 11 lakhs including stones studded as per the prevailing rates in the market. Further it is to state that the phone number of mine is not recorded only contact number with wrong digits has been recorded in main application and the remaining portion of application is left blank. AS per the token card with guidelines given to the borrower the item no. 5 specifically says for default of interest 2 % of P.A. will be collected but there is no specific mention the gold will be auctioned if interest is not paid in 2nd 6 months term on due date without knowledge of borrower which indicates over anxiety and hasty enthusiasm and indiscreet decision of bank without applying any discretion and without assessing the loss that will be incurred to the borrower who putin more trust upon the bank from the borrower. the entire episode has been done by the bank and the entire default lies on the bank only as the recorded wrong address and given notices to the wrong address which is far away to the given address by me which is very much available in the main application. To which card is punched with wrong cell contact number instead of my number.. This all amounts to breach of trust put in on the bank by the borrower, auction in jewels without consent of the borrower is against the norms of RBI and against the morals prevailing in other banks. Ever since I am given to understand that my jewels are auctioned which are earnings of my life drudgery, I am very much depressed and in a collapsing state and undergoing number of wavering thoughts. Hence I request the management to be kind enough and gracious to intervene into the issue and arrange to restore my jewels back to me as I am prepared to pay the due amount to the bank including interest at any time and restored the bank service motive and hope bank will not loose the confidence put in by the loanee upon the bank. Solicit early action in this regard.

Yours sincerely,

S. Vijaya Lakshmi,
W/o K.Venkata Swamy,
Door No.20/91-A,
Akula Street, Kadapa.,
Andhra Pradesh.
Mobile No.[protected].