For the O.P : Sri S.K. Agrawal, Advocate, Bhawanipatna.
JUDGEMENT
The complainant had taken an educational loan of Rs.3,00,000/- for his MBA studies at ICFAI University @ 10.50% interest at the scheme of 0.25% over SBMTLR and the loan was to be repaid in 60 monthly instilments after one year course period or six months after getting a job whichever is earlier. The loan account has been closed by the complainant by paying all the outstanding as asked by the OP No.1 on July,2013. The complainant has paid a total sum of Rs.7,66,472/- in total against the loan amount of Rs.3,00,000/-. Due to some unavoidable circumstances the complainant started paying the loan dues from 31.03.2008. The B OP Bank declared the loan account as NPA under SARFAESI Act,2002 and issued a legal notice bearing letter No.SARFAESI/315 dt.16.05.2012 and as per the legal notice the total outstanding liabilities towards the loan account as on 05.05.2012 was Rs.4,06,454/- and in spite of several requests the OP No. 1 & 2 have not provided the calculation or loan statement .
The OP No.1 has issued Demand Notice bearing letter No. 12/136 dt.13.02.2013 where the OP No.1 disclosed that the irregular outstanding dues as on date was Rs.1.25 lakhs and as such within three months and fifteen days the complainant total sum of Rs.2,06,500/- against the claim amount of Rs.1.25 lakhs. After payment of Rs.2,06,500/- the loan account should have been regularized and brought out of NPA by the OP 1 & 2. The SARFAESI Agent fees of aRs.60,286.40 collected by the OP 1 after the repayment of irregular loan dues is illegal. Hence, prayed to direct the Ops to pay a sum of Rs.1,50,000/- towards the differences in interest rate and refund the SARFAESI Agent fees of Rs.60,286.40 with interest and award Rs.1,00,000/- for mental agony, harassment and another Rs.1,00,000/- for damages and RS.50,000/- towards legal expenses. Hence, this complaint.
FINDINGS
On perusal of the complaint petition and documents filed by the complainant as per Annexure 2 to 11 and hearing from the complainant it is found that the complainant has already repaid the outstanding loan dues (Educational Loan) to the OP Bank which is admitted by the OP Bank but as being aggrieved by the unfair trade practice on the part of the OP he approached this forum with a prayer to refund the interest which has been collected as against the agreed rate of interest and also to refund the SARFAESI charges collected by the OP Bank which is illegal on the part of the OP along with prayer for compensation on various ground.
So the main point for consideration is whether there is unfair trade practice on the part of the OP Bank by collecting higher interest than agreed and that the charges of SARFAESI charges are illegal and liable to be refund.
Since the OP Bank did not prefer to file the written version and also not filed any documentary evidence to rebute the claim of the complainant except the certificate in respect of liquidation of the loan on dt.8.7.13, the allegation of the complainant can be examined on the basis of document filed by him as per Annexure II to XI and subsequently the document obtained under R.T.I Act in respect of fee regarding engagement of SARFAESI Agent.
Admittedly the complainant obtained a study loan of rupees three lakhs for a period from 8.10.2004 to 31.12.2006 @ 10.65% interest to be paid in 60 installment and payable after one year of completion of the course or after six months of the beneficiary getting job. It is also admitted by the complainant that due to some financial problem he could not start repayment of the loan in time and started paying from 31.3.2008. It is also admitted that the loan was secured by equitable mortgage of land to the tune of 0.06 Dec. vide Khata No.01 Plot No.61 in the name of father of the complainant.
The complainant has assessed that he had repaid Rs.7,66,472/- against the study loan and was issued with No dues certificate dt.8.7.13(Annexure-2). The complainant alleged deficiency of service on the part of the OP bank on the following ground that there are discrepancy in the rate of interest charged by OP in the statement dt.3.7.13 and 23.3.13 provided by the OP Bank. As per the above statement the OP Bank has over charged Rs.1,50,000/- as against agreed rate of interest. The SARFAESI charges of Rs.60,284.40/- which is recovered from the complainant as per the account statement is illegal as it is against the guideline which is relied on by the complainant which is obtained by him under RTA Act and filed before this forum. The complainant has asserted that no recovery/resolution agent were engaged by either OP No.1 or OP No.2 as in no correspondence or document the name of recovery agent or resolution agent has been mentioned. As the complainant himself has repaid all the loan outstanding dues without the intervention of any recovery agent the dues recover from the complainant towards recovery agent charges and surfacie charges are completely illegal and amounts to unfair trade practice. The charges recovered as above was reflected in the loan statement dt.23.03.13 relied by the complainant as Annexure 7 and loan statement dt.3.07.13 Annexure 5.
The complainant further alleged that the demand notice was served to him on the wedding day of the complainant i.e. 13.02.13 wherein the irregular outstanding dues by that date was Rs.1,25,000/- and the complainant repaid Rs.2,06,500/- within three month 15 days of receipt of the notice but in spite of repaying the loan which has turned to NPA, the OP Bank issued property vacation notice on 13.2.13 which is humiliating and illegal and caused mental harassment to the complainant apart from it being unfair trade practice on the part of the Op Bank. The complainant further alleged that to hide their deficiency before the higher authority to whom the complainant had made various complaint ,the Bank made further allegation that the complainant is sending virus to the Bank which is completely false and remain unproved.
The complainant to substantiate his allegation of deficiency of service also filed the copy of loan agreement obtained on RTI Act and could able to prove that without his consent the OP Bank has changed the interest rate from SBMTR to SBAR which is unfair trade practice on the part of the OP Bank.
So going through the document and argument raised by the complainant we are of the opinion that the complainant has able to prove that the OP Bank are deficiency on service and adopted unfair trade practice and as such allow the prayer of the complainant in part. The complainant has claimed that the Bank has recovered Rs.1,50,000/- as excess interest and also SARFAESI charge of Rs.60,284.40/- which is remained unchallenged by the OP Bank. Hence, it is ordered.
ORDER.
The O.P Bank is directed to refund the excess interest amount of Rs.1,50,000/- and SARFAESI Agent Fees of Rs.60,286.40/- and pay compensation of Rs.5,000/- towards mental agony and harassment and litigation expenses of Rs.2,000/- within 45 days from the date of receipt of this order failing which the OP Bank are liable to pay interest @ 10.05% per annum till the date of its realization.
Pronounced in open forum today on this 6th day of June,2018 under the seal and signature of this forum.
Member President
Documents relied upon:
By the Complainant:
- Copy of Loan arrangement letter
- Copy of Certificate dt.08.07.2013
- Copy of Legal Notice under SARFAESI Act 2002 dt.16.05.2012
- Copy of email
- Copy of Loan Statement dt.03.07.2013
- Copy of Demand Notice dt.13.09.2010
- Copy of Loan Statement dt.23.03.2013
- Copy of Demand Notice dt.13.02.13
- Copy of Marriage Certificate of the complainant
- Copy of Property Vacation Notice dt.18.06.2013
- Copy of Loan Agreement
- Copy of Video Conference with CIC dt.12.05.2015
By the Opposite Parties:
- Copy of Certificate dt.08.07.2013.
