District Consumer Disputes Redressal Commission ,Faridabad.

Consumer Complaint  No.448/2021.

 Date of Institution:07.09.2021.

Date of Order: 14.11.2022.

Rohit Kumar Sharma aged about 35 years S/o late Shri Nunu Babu  Sharma R/o House No. 784, Khand-B, Jawahar colony, NIT, Faridabad, at present R/o House  No. 1477, Housing Board Colony, Ballabgarh, District Faridabad.

                                                                   …….Complainant……..

                                                Versus

M/s. Bajaj Finserv Limited (sister concern of Bajaj Finance Limited) Branch office: Shop NO. 20-21, 53 & 54, Ist floor, Above RBL Bank Ltd., New Tikona Park, Near ICICI Bank, NIT, Faridabad,  Haryana – 121001 through its Branch/Divisional Manager.

                                                                   …Opposite party……

Complaint under section-12 of Consumer Protection Act, 1986

Now  amended  Section 34 of Consumer protection Act 2019.

BEFORE:            Amit Arora……………..President

Mukesh Sharma…………Member.

Indira Bhadana………….Member.

PRESENT:                   Sh.  Rajender Singh,,  counsel for the complainant.

                             Sh.  Sagar Bhatia, counsel for opposite party.

ORDER:  

                             The facts in brief of the complaint are that  the representative of the opposite party used to call the complainant and lured him to avail personal loan on meager rate of interest and on repeated call of the opposite party, the complainant agreed to avail personal loan for Rs.3,00,000/- and at that time, the opposite party was assured that the rate of interest of the said personal loan would be charged @ 14% per annum.  At the time of disbursal of loan, the opposite party obtained signatures of the complainant on so many printed blank forms, documents under the garb of formality for processing as well as the guidelines of the Reserve Bank of India.  The opposite party assured that the tenure of the said loan would be for 48 months and shall be payable @ Rs.8630/- in equal monthly installments.  Accordingly, the opposite party disbursed an amount of Rs.2,00,000/- on 23.07.2018 and Rs.79,946/- on 23.07.2018 i.e. total sum of Rs.2,79,946/-  instead of Rs.3,00,000/- and when the complainant approached the opposite party to know while the loan amount was sanctioned as Rs.3,00,000/-, but he had been disbursed only Rs.2,79,946/- then the officials informed that an amount of Rs.20,054/- deducted towards processing charges and insurance premium which was mandatory to insure the loans.  The complainant had no other option except to accede to the information given by the officials of the opposite party.  Thereafter, the complainant started making the EMIs of the said loan @ Rs.8,630/- per month regularly, without any delay,  Even the complainant paid the EMIs of said loan upto March 2020 i.e. 22 EMIs out of 48 EMIs for a total sum of Rs.1,89,860/-.  The opposite party approached the complainant and further allured and offered that the EMIs of the complainant  can be reduced as Rs.5,249/- and the period of EMIs had been converted form remaining 26 EMIs to 48 EMIs.  Since the complainant

was facing financial crunch, he accepted the proposal made by the opposite party and consented to reduce the EMI amount and to increase the tenure of loan period.  The complainant started paying the said reduced EMIs of Rs.5,249/- from June, 2020. The complainant further paid the EMIs from June 2020 to August 2021 for a sum of Rs.80,000/- approx. and in this way, the complainant had paid a total sum of Rs.2,69,860/- to the opposite party out of loan amount of Rs.3,00,000/-.  The complainant managed the amount and approached the opposite party to obtain foreclosure scheme and requested to provide the statement of account so he could pay the same, then the opposite party provided the loan foreclosure latter on 28.06.2021 vide which the opposite party demanded Rs.2,79,574.23 as on 29.06.2021 and when the complainant told them that he had already deposited a sum of Rs.2,69,860/-  out of the said loan amount of Rs.3,00,000/- , then how such a huge amount was outstanding, but the opposite party did not give any positive response.   The complainant demanded the entire/complete statement of account of the said loan but the opposite party always avoided the matter on one pretext or the other and lastly in the month of August, 2021, the opposite party provided the statement of account of principal loan account and on seeing the same, the complainant was shocked and surprised to see that the opposite party had charged the interest @ 24% p.a. instead of 14% p.a. and statement of account of  reduced EMIs mentioning that loan amount of Rs.2,62,462/- to be payable in 85 months @ 5,249/-.  In the statement of account of reduced loan, account, the opposite party had mentioned the loan amount as Rs.2,62,462/-.  The complainant had already paid the almost of the principal loan amount and a meager amount was pending out of principal amount and the complainant was ready to settle his account by paying the agreed interest @ 14% p.a. from the date of loan till August 2021 and requested the opposite party to correct its records and provide fresh and genuine

statement of account by calculating the interest @ 14% p.a. as assured and agreed and also receive the actual balance amount, but the opposite party was adamant to extort amount by imposing interest @ 24% p.a. and other hidden penalty, charges etc. and demanded Rs.2,79,574.25, whereas, the opposite party alleged that rs.2,62,461.75 was due as on 10.06.2020 and even after paying further 14 EMIs, the opposite party demanded an amount of Rs.2,79,574.25 in an illegal manner. The aforesaid act of opposite parties amounts to deficiency of service and hence the complaint.  The complainant has prayed for directions to the opposite party to:

a)                provide fresh statement of loan account bearing customer ID 15746072 calculating the interest @ 14% p.a. instead of 24% per annum.

b)                receive the actual balance principal amount plus interest@ 14% p.a. from the date of loan till payment would be made by the complainant.

 c)                pay Rs. 1,00,000/- as compensation for causing mental agony and harassment .

d)                 pay Rs. 11,000 /-as litigation expenses.

2.                Opposite party  put in appearance through counsel and filed written statement wherein Opposite party refuted claim of the complainant and submitted that  the complainant had been an existing customer of the opposite party and had availed various loans in the past as on date which stands closed and No Objection Certificate had also been issued.  With regards to the disputed loan account, the opposite party submitted that the complainant had duly submitted the KYC documents alongwith the loan application and accordingly the personal loan was booked in the name of the complainant vide loan account NO. 579PMT82441679 for Rs.3,00,000/- dated 23.07.2018 with a monthly EMI of Rs.8630/- to be deducted for 65 months commencing form 02.09.2018 and ending on 02.01.2024

with a rate of interest of 23.99%. Opposite party submitted that out of the total loan amount of Rs.3,00,000/- an amount of Rs.2,79,946/- was credited in the records of this opposite party which was an admitted fact by the complainant and  the differential amount was deducted towards the processing and incidental charges which were the charges deducted only after the consent of the complainant which were evident from the consent received by the complainant. By agreeing to the terms and conditions duly signed by the complainant.  Opposite party also submitted that the rate of interest was not something which was decided and agreed by Reserve Bank of India, instead the rate of interest for all the loans which were covered under the opposite party were designed and aligned as per the internal credit risk policy.  Thus the opposite arty in no way can state excess amounts have been deducted.  The opposite party also submitted that as per the terms and conditions mutually agreed upon between the complainant and the opposite party, the loan account had been booked wherein the rate of interest was mentioned as 23.99% or 24% only and hence this complainant cannot plead his ignorance before this Hon’ble Consumer Commission.     The opposite party submitted that after the complainant consented to foreclose  the previous loan and re book the same by carrying forward the o/s due, the loan vide loan account NO. 579TPFGA136904 was booked dated 10.06.2020 for rs.2,62,461.75 with a monthly EMI of Rs.5249/- with a rate of interest at 24% p.a commencing form 02.076.2020 and ending on 02.07.2027 with a tenure of 85 months.  Opposite party submitted that out of the total loan amount of Rs.2,62,461.75 an amount of R.s5146/- was deducted towards the switch fee which were as per the terms and conditions of E agreement which had been annexed above and marked as Annexure-C.  Opposite party submitted that the complainant had himself given the consent by agreeing to the terms and

conditions vide IP address 47.31,82,72 on 10.06.2020 at 17:29PM by sharing the details and credentials which were received on the contact number of the complainant 9911845908 through the bitly link. Opposite party denied rest of the allegations leveled in the complaint and prayed for dismissal of the complaint.

3.                The parties led evidence in support of their respective versions.

4.                We have heard learned counsel for the parties and have gone through the record on the file.

5.                In this case the complaint was filed by the complainant against opposite party – M/s. Bajaj Finserv Limited with the prayer to: a)  provide fresh statement of loan account bearing customer ID 15746072 calculating the interest @ 14% p.a. instead of 24% per annum. b)          receive the actual balance principal amount plus interest@ 14% p.a. from the dte of loan till payment would be made by the complainant.  c)   pay Rs. 1,00,000/- as compensation for causing mental agony and harassment . d)  pay Rs. 11,000 /-as litigation expenses.

                   To establish his case the complainant  has led in his evidence, Ex.CW1/A – affidavit of Rohit Kumar Sharma, Ex.C-1 – Foreclosure  letter, Ex.C-2 – loan account statement for 579PMT82441679, Ex.C-3 – statement of account, Ex.C-4 – Current Personal loan interest rate, fees and charges.

On the other hand counsel for the opposite party strongly agitated and

opposed.  As per the evidence of the opposite party  Ex.RW-1/A – affidavit of Ms. Shivani Garg, Cluster Legal Manager of Bajaj Finance Limited at Ludhiana , Ex.OP1/1 -  E-Register-Main page, Ex.OP1/2 -  Fresh certificate of Incorporation Consequent upon change of name, Ex.Op1/3 0  Commercial Cum MITC.

6.                In this complaint, the complaint was filed  by the complainant with the prayer to provide frsh statement of loan account bearing customer ID 15746072 calculating the interest @ 14% p.a. instead of 24% per annum.

7.                The opposite party disbursed an amount of Rs.2,00,000/- on 23.07.2018 and Rs.79,946/- on 23.07.2018 i.e total sum of Rs.2,79,946/- instead of Rs.3,00,000/- and when the complainant approached the opposite party to know while the loan amount was  sanctioned as Rs.3,00,000/- but he has been disbursed only Rs.2,79,946/-, then the officials informed that an amount of Rs.20,054/- deducted towards processing charges and insurance premium which is mandatory to insure the loans.

8.                As per the Loan Foreclosure letter on 28.06.2021 vide Ex.C-1, the opposite party demanded Rs.2,79,574.23 as on 29.06.2021 and when the complainant told that he had already deposited a sum of Rs.2,69,860/- out of said loan amount of Rs.3,00,000/-.  It is evident from Ex.C2 & 3 the opposite party has charged the interest @ 24% p.a instead of 14% p.a. and statement of account of reduced EMIs mentioning that loan amount of Rs.2,62,462/- to be payable in 85 months @ 5249/-. In the statement of account of reduced loan, account, the opposite party has mentioned the received amount as Rs.66,837/- but the opposite party has mentioned the loan amount as Rs.2,62,462/-.  Complainant also argued that he had already paid the almost of the principal loan amount and a meager amount is pending out of the principal amount and the complainant is ready to settle his account by paying the agreed interest @ 14% p.a. from the date of loan till August 2021 and requested the opposite party to correct its record and provide fresh and genuine statement of account by calculating the interest @ 14% p.a. as assured and agreed and also receive the actual balance amount, but the opposite

party is adamant to extort amount by imposing interest @ 24% p.a. and other hidden penalty, charges etc. and demand Rs.2,79,574.25 whereas the opposite party alleged that Rs.2,62,461.75 was due on 10.06.2020 and even after paying further 14 EMIs, the opposite party demanded an amount of Rs.2,79,574.25 .

9.                Keeping in view of the above submissions as well as the evidence of both the parties, the Commission is of the opinion that the complaint is allowed.  Opposite party is directed to charge the balance amount  alongwith interest @ 16% p.a. in two equal installments from the complainant  from the date of this order. There are no order as to costs.  Compliance of this order be made within 30 days from the date of receipt of copy of order.  Copy of this order be given to the parties  concerned free of costs and file be consigned to record room.

Announced on:  14.11.2022                                 (Amit Arora)

                                                                                  President

                     District Consumer Disputes

           Redressal  Commission, Faridabad.

                                                (Mukesh Sharma)

                Member

          District Consumer Disputes

                                                                    Redressal Commission, Faridabad.

                                                (Indira Bhadana)

                Member

          District Consumer Disputes

                                                                    Redressal Commission, Faridabad.