Legal Question in Credit and Debt Law in India
I had taken car loan from SBI and I kept ECS from my bank icici it is debited every month on 20th I paid for 3 years suddenly now SBI Bank is saying that every month you has to pay on 20th dates but it's credits on 21st of every month so it is a late payment and you has to pay penalty of RS 500 every month and they taken my car for revaluation the total amount is around 18000...please suggest me what should I do
1 Answer from Attorneys
25.04.2016
Dear Sir / Madam,
You should refer to the terms and conditions of your Vehicle Loan Agreement with the Bank. If it clearly states that the EMI or ECS should be credited to the Bank on or prior to the 20th of each month, the Bank is not entitled to charge Rs. 500/- as there is no delay since Electronic Clearing Services instantly credits the Payee's A/c at the same date and time your Bank a/c has been debited with the monthly amount. Besides, if there in no specific mention of revaluation procedure and charges mentioned in the Vehicle Loan Agreement, the Bank is not entitled to levy them to you. You should write to the Bank seeking an explanation and justification of the amount being claimed from you by the Bank.
Regards,
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