BEFORE THE CONSUMER DISPUTES REDRESSAL FORUM, ERNAKULAM.
Dated this the 28th day of February 2014
Filed on : 04/04/2013
PRESENT:
Shri. A. Rajesh, President.
Shri. Sheen Jose, Member.
Smt. Beena Kumari V.K. Member.
CC.257/2013
Between
Joshy Xavier, : Complainant
S/o. George Xavier, (By Adv. Praveen Hariharan,
Koilparampil Vypeen, Peekikathodiyil Building, Lisie
Kochi-682 510. Junction, Kochi-682 018)
Vs
Bajaj Finserv Lending, : Opposite party
3rd Floor, DD Trades Tower, (absent)
Opp. Well Mart Supermarket,
Kaloor, Kadavanthra Road,
Kaloor, Kochi-682017.
O R D E R
A. Rajesh, President.
This complaint is preferred by the complainant seeking direction against the opposite party not to demand interest for the personal loan above the rate prescribed by the Reserve Bank of India and also seeking permission to pay the outstanding amounts in 12 monthly instalments.
2. The opposite party was served with a notice of this complaint, to which there was no response. Proof affidavit has been filed by the
complainant. Exbt. A1 was marked. Heard the learned counsel for the complainant.
3. Ext. A1 goes to show that the complainant availed a loan of
Rs. 75,000/- from the opposite party. The interest rate stated in Ext. A1 is 21.49%. Indisputably the opposite party is only entitled to collect interest for the loan amount strictly in accordance with the directions of the
Reserve Bank of India. The levy of interest if any above the rate prescribed by the Reserve Bank of India is not only amounts to deficiency in service but also to unfair trade practice on the part of the opposite party. The absence of the opposite party in this Forum speaks volumes. Admittedly there is outstanding amount in the loan account. Since deficiency in service is writ large on the part of the opposite party a reasonable time has to be given to the complainant to remit the balance amount in instalments.
4. To set things right we pass the following order.
i. The opposite party shall issue a fresh balance statement in the loan account to the complainant by calculating the interest at rate prescribed by the Reserve Bank of India within 30 days from the date of receipt of a copy of this order..
ii. The opposite party shall permit the complainant to remit the
outstanding amounts in 12 equal instalments from the date of
issuance of the fresh balance statement.
The above order shall be complied with in line with the above direction.
Pronounced in the open Forum on this the 28th day of February 2014.
Sd/-A. Rajesh, President.
Sd/- Sheen Jose, Member.
Sd/-Beena Kumari V.K., Member.
Forwarded/By Order,
Senior superintendent.
Appendix
Complainant’s exhibits :
Exbt. A1 : Loan Term Sheet
