To idfc first bank
dear sir,
i vallapu narsimulu have taken loan against property in the year 2017 on the name of " vaibhav tyres marketing". I have taken 2 loans on my two properties where your bank has given[protected] : loan no :[protected] &[protected] :loan no :[protected]. Till march 2020 i have paid my emi regularly without any defualt (around 535000 each month).
As we all know the pandemic came suddenly which effected all the businesses . We are also effected by the pandemic as the market is closed for many days . Our major debtors were effected by pandemic which was very tough for us to recover the amount .
In this crisis also we paid the emi's taking only 3 months moratorium. Till date i have paid around 17000000 as interest for both loans .Recently in april 2021 i have closed one of the loan[protected] :loan no) with my own funds.
In the year 2020 on may month my sons as opened a partnership firm in the name of "jai vaibhav tyres marketing' where i hold 50% stake . So our sons are opereating the business in new firm which as done 10cr turnover in last financial year.
As we all know the second wave as affected the market more than the first one. So we decided to apply loan restructuring scheme for loan no 12181076 : .We approched your idfc first bank hyderabad punjagutta branch for loan restructuring. I have submitted all the documents like gst returns, bank statement, itr etc. The credit team had called me and i have answered all their question & explained the current situation . After two days one of your credit team executive has called and said iam not eligible to take loan restructuring scheme as my gst returns from jan & march 2021 is showing null in vaibhav tyres marketing firm.
As i am 55year old affected by covid also, i was not able to manage the business, so my sons were in charge handling all the business related work . As i mentioned above our sons were operating the business in new firm "jai vaibhav tyres marketing " as they were also partners in that firm. I explained your credit team why we had filed nill gst returns in jan, feb, march as the business is going on in partnership firm. I also said if they have problem i will give a official letter that jai vaibhav tyres is sister concern firm . But your credit team were not considering our request .
I am a loyal customer to your bank where i paid one crore seventy lakhs as interest to your bank. In this pandemic situation where we are facing crisis & you are not allowing us to take scheme which has been introduced by rbi.
I expect the higher authority will approve my loan restructuring request as i paid my emi's regularly .
Loan no : 12372210account name : vaibhav tyres marketing
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