Legal Question in Business Law in India
On my educational loan account interest during holiday period was charged at compounded interest rates instead of simple interest. Also wrong interest rate was applied. While the request for refund of excess interest was pending I had closed the account. what is the law of limitation for claiming refund in this case?
Asked on 12/07/16, 3:47 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
07.12.2016
Dear Sir / Madam,
You can still write a letter to the Bank on the excess interest charged to you by the Bank, with a request to the Bank to reply to your letter within 15 days. The law of limitation does not apply.
Regards,
Answered on 12/07/16, 4:40 am
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