Nov 26, 2018
Updated by sashukla91 The EMI that I have been paying for the last 4.7 years were created by the bank and not by me. The ECS letter clearly states that a fixed EMI of ₹3, 110 has to be paid by me for repaying the loan. If the bank is asking me to pay the EMI for a fixed amount of time to repay the loan, then that's end of story. When the EMI was being fixed, the bank had all the documents and statements necessary to reduce/increase the EMI for the purpose of recovering the loan from me. After having knowledge of all the facts and numbers, when the bank sets the EMI and asks you to repay the loan, there's no question of paying anything apart from that.
If anything were missing or was unpaid, then the EMI should have been adjusted accordingly in 2013 itself. If the bank is not including those charges in the EMI then it's not my fault. Moreover, as every EMI includes interest, principle and all the previous charges that were not paid by the borrower, it indicates that nothing apart from the EMI has to be paid. This is also mentioned in the ECS letter.
This EMI was being deducted for approx 5 straight years and I received letters from the bank whenever I defaulted on any installment. Apart from installment default letter, I never received any communication from the bank about any unpaid interest or the EMI was not set to ₹3, 870. So when I don't receive any communication regarding the same, this means that the bank respects the EMI that was set in 2013 and thus EMI mentioned in ECS letter is valid. This also means that the bank knows that there's nothing pending from the borrower except the EMI. If the bank is setting up the EMI for the purpose of the repaying the loan, then there's nothing a borrower has to do. He just has to pay the EMI for the time mentioned and the loan account will close after the last EMI.
I had been paying my EMI (47 Paid till date) and all this while the bank had full knowledge of my loan account. It was only on March 16 2018, the bank came to knew about this huge sum that was pending in my loan account. If I hadn't went to the branch to pre pay my loan, the bank wouldn't have noticed this issue, my loan account would have been converted to an NPA and I would be facing legal action for no fault of mine.
That being said, my honest liability to the bank is just the installments and the penalty for the one's that I missed (6). There's no question of readjusting the EMI as I've been paying them per the bank's wish and not out of my will. I'm a hard working and law abiding Indian and I'm truly thankful to S.B.I for assisting me in my studies.
![State Bank of India [SBI] Logo](/thumb.php?bname=1&src=state-bank-of-india.jpg&wmax=280&hmax=280&quality=90&nocrop=1 "State Bank of India [SBI] Logo")
Then i returned that order and claim for refund, according to amazon they have processed refund process but till date it does not reflect in my bank account so i request you to please help me out of this.