| Address: | IBM, Rangpo, Sikkim. 737132 |
I have an EMI of 4928 for a Two Wheeler loan and most of the times i tend to pay it after the stipulated date of 4th of every month, hmience they charge Rs. 560 as emi overdue amount and that is acceptable, recently I came to a shock after finding out that my balance had been deducted from Rs. 7000 to just Rs. 769. I checked the statement and it showed that the bank had deducted almost Rs.3000 in breakups of Rs. 236 as EMI rtn charges and 2k as loan ovrerdue(however I have paid my emis+overdue+emi rtn charges). The worst thing is the bank doesn't notify you about the deduction and they charge you without any prior notice. Maintaining monthly balance becomes impossible because of the uninformed deductions hence they charge another Rs.500-600 more as AQB charge(non maintenance of average quarterly balance). When I checked the statement of my previous 3 years the fines sum up to over Rs. 20000 (apart from my loan intrest of 40, 000 for a loan of 1.4 lakh) which is ridiculous. Now, I am a concerned consumer and check my statements but I wonder how many customers face the same issues and they never come to notice their money gone because of the uninformed deductions. R. I. P to transparency in banking. I wonder if it's a hidden agenda of the bank to earn money from numerous customers with their easy to avail loan with hidden charges and uninformed fines. This has put me in a tight spot where I can't maintain AQB, and the uninformed fines have severely affected my CIBIL score. Please help is this ethical for a bank?
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