Jun 01, 2017
Updated by jyoti100000 Yesterday, I had got a call from Mr Avinash, legal adviser, who had advised that there is some pendency in the loan agreement. As per his commitment, an e-mail has been received from the organisation. However, the information should have been given earlier
As per the mutual agreement, I am withdrawing the complaint for the time being. My e-mail to the organisation is as under: "As per your commitment, your representative will visit 5 days after the completed document reaches you for disbursement. The scanned documents of the deficient portion will be sent by today evening from your end.
The witnesses will not sign on revenue stamp .However, they will sign. It is not an essential as they are not discharging any money matters. While your organisation can have your own norms, they should confirm to the prevailing law.
Other deficiencies will be sorted out. You have to advise what matter is to be filled in. For example, the letter of guarantee says Director of ... .She is not a Director. then how it will be filled in.
The execution of the remaining portion will have additional expenses.
I do not know why the deficiencies were not intimated for more than a month while I have made so many calls and sent e-mails.
Availing loan is not a matter of right. But after issue of loan disbursal letter and submission of documents, you have a contractual obligation to disburse the same.
I have been put under tremendous mental pressure as I had withdrawn the loan application to HDFC Bank and it takes 90 days cooling period for applying again. Loan is needed at a particular time for a particular purpose . I had to borrow at exorbitant rate of interest as you failed to disburse in the nick of time.
Though I am not convinced fully, I am withdrawing the complaint based on the assurance by Shri Abinash
I will be glad if everything works out. I have also offered to accelerate the repayment to Rs 50000/- per month for first 4 month and Rs1.00 lac per month for six months thereafter "
I hope they will adhere to their assurances. The disbursement should be cAs per your commitment, your representative will visit 5 days after the completed document reaches you for disbursement. The scanned documents of the deficient portion will be sent by today evening from your end.
The witnesses will not sign on revenue stamp .However, they will sign. It is not an essential as they are not discharging any money matters. While your organisation can have your own norms, they should confirm to the prevailing law.
Other deficiencies will be sorted out. You have to advise what matter is to be filled in. For example, the letter of guarantee says Director of ... .She is not a Director. then how it will be filled in.
The execution of the remaining portion will have additional expenses.
I do not know why the deficiencies were not intimated for more than a month while I have made so many calls and sent e-mails.
Availing loan is not a matter of right. But after issue of loan disbursal letter and submission of documents, you have a contractual obligation to disburse the same.
I have been put under tremendous mental pressure as I had withdrawn the loan application to HDFC Bank and it takes 90 days cooling period for applying again. Loan is needed at a particular time for a particular purpose . I had to borrow at exorbitant rate of interest as you failed to disburse in the nick of time.
Though I am not convinced fully, I am withdrawing the complaint based on the assurance by Shri Abinash
I will be glad if everything works out. I have also offered to accelerate the repayment to Rs 50000/- per month for first 4 month and Rs1.00 lac per month for six months thereafter "
I hope they will abide by their assurances. The disbursement should be completed by 10th June.
I am treating the complaint as "resolved' for the time being. I will be stating the up-to-date position on 11th June.
