State Bank Of India [SBI] — Miscalculation in setting EMI by State Bank of India

Address:

SBI Kandrori

Dear Sir / Madam,

I am writing to you to raise an issue about: Loans

Dear Sir/ Madam

1. It is informed to you that I had taken a Home loan of Rs 10Lacs for a period of 10 years from then SBOP, Kandrori, ( Now SBI, Kandrori) in May 2011.My Home loan account no is [protected].

2. The SBI Branch has been deducting my EMI through ECS Rs 11000 and 10 Yrs have already completed in May 2021.

3. The ROI Percentage set for Loan was 12.50% fixed for 10 Yrs on 10 Lacs. Amortization schedule was given by Bank for 11000/-.( Please Check system for clarification. ) . Thereafter the floating ROI started applied on loan acct.

4. I have following queries:-

- When the Bank has set my EMI for Rs 11000/-, how come I am responsible for outstanding balance in principal amount now after 10 Yrs which also includes Late / Penalty Charges.

- If I defaulted anywhere why had the Bank not raised any observation. No notice or information ever received from bank as the System and the Bank defaulted not the customer.

- Bank is Showing AGREEMENT paper in which Customer has signed to agree to pay Rs 18000. How Rs 18000 EMI possible at the rate of 12.5 as per agreement. It is only possible if the ROI would be around 17% which has never happened in India since independence. So the agreement was not as per SOP of Banking and customer was fooled by bank if the signature is authenticated.

- Bank has been deducting EMI for Rs 11000 even after informing to them by customer 5 yrs back and more than Rs 20000 is available in the account most of the time. However, Bank is not able to deduct extra amount as the ECS only set for Rs 11000.

- The loan period and EMI through ECS has increased from 120 months to 243 months without informing the customer and without obtaining consent in writing, loan period increased which is illegal
5. If the bank defaulted, why should I be penalized. Why should I pay penalty for the system error.

6. Please clarify my queries failing which I have no option than to go and file legal complaint. Also Expose the Unethical practices in so called Nationalised Bank SBI.

Regards,
Malay Baidya