Nanda Kumar, B

                                                                                           Vs

                                                                        Sree Narayana Guru Co-op Society Ltd.

16.03.2023

 Present:

                                                                                                                                                                                  CC/58/23

Complainant in person.

Oral arguments heard.

1. Briefly stated, the complainant in his complaint states that he had taken an education Loan for his son's studies of Rs.75,000/- on 20.11.2017 @16% p.a. from the OP. After retirement from his service in 2018 he did not get another job for about 14 months. Thereafter, he was able to secure employment but due to Covid Pandemic he again lost his job in 2020.

2. Due to the above reasons he was unable to make regular payments to the OP Bank towards his loan amount which accrued interest, penalty and heavy charges as per his statement in his compliant.

3. The complainant alleges that he began receiving threatening phone calls as an outstanding amount to the tune of Rs.1,39,498.00/- was demanded via e-mail dated 03.06.2022 towards loan amount, interest and penal interest. The complainant states that he paid what he could towards the loan paying Rs.10,000/- on 29.08.2019, Rs.20,000/- by NEFT on 27.05.2022 and also adjusted the share money of his deposited amount.

4. He states that he tried to reason with the OP to adjust the interest and penalty but to no avail. He also approached the Mediation Centre, at Qutub Institutional Area for settlement despite being unwell which did not materialize.

He, therefore, comes before us claiming Rs.20,00,000/- (20 Lakh) as compensation, relief/repudiation from unaffordable and unjustifiable amount to 50% of due amount.

5. We have heard the complainant who has appeared in person and have carefully gone through the documents placed on record. In our view the complainant who has availed the loan facility after signing the terms and condition of the same and then did not pay the amount as was his duty can try to settle the matter in Lok Adalat but no deficiency-in-service is made out qua the OP in this case who are charging the penalty, Interest as has been agreed with the complaint when he avalled the loan from the OP Bank.

6. Hence, on careful consideration we feel that no deficiency-in-service is made out against the OP on the basis of material on record. Therefore, the present complaint is dismissed without cost but with the liberty to file the same in the Competent Forum.

Copy of this order be given as dasti.

File be consigned to record room thereafter.