Legal Question in Banking Law in India

credid card payment

i paid my credit card loan, last month. they were asking in order to clear my loan i have pay extra 1500 , i closed my loan amount early . they wer telling that its a forclosure amount you have to pay. but before talking they were not made me clear about this.


Asked on 12/22/08, 7:20 am

4 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: credid card payment

If the loan account is closed,you should get the car cancelled.

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Answered on 12/22/08, 9:44 pm
Homi Maratha N.N. Maratha & Co.-Advocates

Re: credid card payment

Hello.

They are right you have to paid the said amount.

Its better you prefer the paying the money because this is not going to gain as far litigation costs would be more.

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Answered on 12/22/08, 7:49 am
J. Radhakrishnan independent Practice

Re: credid card payment

You should have read the instructions attached to the grant of the loan. If the said agreement to which you have signed states that if the loan is repaid before the due date, you have to pay what is called the commitment charges, you have no alternative to paying the same. If the foreclosure amount is heavy compared to the loan you have taken, take it up with the Bank's chief executive and if you do not get redress, complain to Banking Ombudsman.

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Answered on 12/23/08, 1:50 pm
Prof.Somnath Mukherjee s.mukherjee associates,09874053359

Re: credid card payment

Ther are so many hidden charges in loan in cradit card. You may go to the consumer forum if you not willing to pay this extra.

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Answered on 12/22/08, 11:22 am


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