My name is anandhan. R, i took a personal loan (Clean loan a/c no.[protected]) from indian overseas bank (Nehru street, puducherry, india) for an amount of rs.1, 39, 000/- with 36 months of tenure from the month of 10th september 2014 of emi: rs.4, 836/month. My 1st due started on 04th october 2014. My emi was not auto deducted during february and march 2016 due to system breakdown in the bank.in spite of my repeated follow-up, emi was deducted during april 2016 for that particular monthly only excluding emi for feb & march 2016. Due to the fault on the bank side, my emi tenure is extended till nov.2017 instead of sep.2017. That too, so far i had paid emi for 35 months totaling to rs.1, 69, 260/- and according to the above statements, the last emi should be rs.4, 836/-. Instead, i was prompted to pay rs.7, 371/- with an excess of rs.2, 535/-. Open interaction with the loan dept, i was explained that the excess amount of rs.2, 535/- pertains to the accumulation of the interest for the time period (20 days) between loan sanctioned date and loan disbursement date (Ie., 10 sept.2014 to 30 sept.2014). I am not able to get any further clarifications / support from the branch office. I was told that the branch manager is on leave for 2 weeks during oct.2016. Also during 11 oct.2016 instead of deducting rs.4, 836/- the bank has deducted rs.4, 066/- only even though there was sufficient fund in my sb a/c no.[protected].
This kind of null response from the bank make a bad impression on the functions of a bank coming under rbi.
I kindly request the concerned to look into this issue and provide a positive solution within this month since i would like to foreclose my emi this month itself (One month prior). Since the emi will be auto-deducted, in such a case i will not be able to stop the auto debit process.
Indian Overseas Bank customer support has been notified about the posted complaint.
Oct 23, 2017
Updated by Anandhanan i am yet to receive an answer in spite of indicating the short deadline. Otherwise i would not able to recover the additional payment. Is there any escalation process