West Bengal

Bankura

CC/1/2021

Sunil Kumar Jha - Complainant(s)

Versus

Bajaj Finance - Opp.Party(s)

Jayanta Kumar Mukhopadhyay

20 Feb 2024

ORDER

IN    THE   DISTRICT   CONSUMER   DISPUTES   REDRESSAL COMMISSION, BANKURA 

  Consumer Complaint No. 01/2021

                                                        Date of Filing:   14/01/2021                                                

Before:                                        

1. Samiran Dutta                            Ld. President.      

2. Siddhartha Sankar Bhui            Ld. Member. 

 

For the Complainant:  Ld. Advocate Jayanta Kr. Mukhopadhyay

For the O.P.:  Ld. Advocate Gobinda N. Ghosal

Complainant  

Sunil Kumar Jha, Green Plaza (Top Floor), Flat No. – 4D, Jhapar More, Near Axis Bank, PO & PS – Bishnupur, Dist. Bankura - 722122.

Opposite Party 

Bajaj Finance, Gobinda Vila, (Ground Floor), South Bailapara, Bishnupur, Dist. Bankura - 722122.

 

FINAL ORDER / JUDGEMENT

Order No.29

Dated: 20-02-2024

Both parties file hazira through Advocate.

The case is fixed for argument.

After hearing argument from both sides the Commission proceeds to dispose of the case as hereunder: -

The Complainant’s case is that he availed financial loan from O.P./Finance Co. having Customer ID 110441137 linked to his Savings Account No.16160150215 with ICICI Bank but the EMI has been debited arbitrarily from his Savings Account without taking into consideration moratorium period in violation of the order of the Hon’ble Supreme Court. The Complainant has therefore approached this Commission to declare the interest component of Rs.47,356/- as illegal and void.

O.P./Finance Co. contested the case by filing a written version contending inter alia that the Complainant has an outstanding dues of Rs.2,04,460/- towards EMI overdue amount Rs.1,16,010/-, late payment penalty Rs.73,600/-, bouncing charges Rs.9,000/- and other charges Rs.5,850/- and as such the Complainant is not entitled to get any relief in this case.

                                                                                                                                                                                   Contd……p/2

Page: 2

-: Decision with reasons: -

Having regard to the facts of the case, submission, contention and documents on record from both sides the Commission finds that loan statement account of the Complainant submitted by the O.P. justify the deduction such as bouncing charges, late payment penalty and EMI overdue amount. The Complainant could not however justify excess interest payment of Rs.47,356/- as claimed by any cogent evidence. It is the contention of the Ld. Advocate for the Complainant that exorbitant rate of interest @34.01% on the loan amount is beyond the RBI guideline but the personal loan agreement between the parties does not prohibit imposition of such interest rate and the Commission has no jurisdiction to declare the interest rate agreement as illegal in terms of the RBI guidelines as both parties are guided by the terms and condition of the loan agreement.

With this observation the case is dismissed on contest but without cost.

Both parties be supplied copy of this Judgement free of cost.

 

____________________                _________________         

HON’BLE   PRESIDENT          HON’BLE MEMBER