D.O.F: 10/8/16
D.o.O:23/5/17
IN THE CONSUMER DISPUTES REDRESSAL FORUMIDDUKKI
CC.NO.239/16
Dated this, the 23rd day of May 2017
PRESENT:
SRI.S.GOPAKUMAR : PRESIDENT
SRI.BENNY.K. : MEMBER
Jaya, W/o Sojan, Chuzhikunnel Veedu,
Kanhikuzhi, Po, Thallakkanam, Idukki. : Complainant
(Adv.Biju Vasudevan)
Branch Manager,
Sriram Transport Finance Co. Ltd : Opposite party
Adimali Po, Near Police Station, Idukki.
(Adv.Gem Korason)
ORDER
SRI.BENNY.K :MEMBER.
The complainant had availed a loan of Rs.3,28,952/- from the opposite party to purchase a TATA 407 vehicle with Reg.No. KL 6E 3289. She had agreed to repay the amount in 48 monthly instalments of Rs.10526/- each. Due to financial crisis the complainant could not remit the instalments in stipulated period. The complainant was already paid an amount of Rs.3,32,490/-. On 24/5/2016 opposite party issued a legal notice to the complainant demanding an amount of Rs.4,04,101/- to settle the loan account. Opposite party fraudulently claimed the said amount which includes huge over due charges and penal interest which is against the guidelines of RBI.
2. In the written version, opposite party had admitted that complainant entered into loan agreement for purchasing a vehicle with Reg.No. KL6 E 3289 on 16/11/12. The agreed amount was Rs.5,05,993/- have to be repaid by the complainant by total 48 monthly instalments. Out of Rs.5,05,993/- an amount of Rs.3,28,952/- is loan advanced and Rs.1,77,041/- is the interest. The complainant also availed working capital loan from the opposite party on 5/11/13 an amount of Rs.18,480/-, 1/11/2014 Rs.27,000/-,2/12/2015 Rs.20,172/- and on 23/11/2015 Rs.23,966/- respectively. The complainant hence liable to pay the WCL availed by him with interest to the opposite party. The complainant is a gross defaulter and did not make any payment as per the terms of the agreement. All payments were made after the stipulated time. Since the payment of instalments were not made within the stipulated time, the opposite party is entitled to claim over due charges as per the agreement.
3. The point for consideration is whether there is any deficiency in service on the part of opposite party and if so for what relief the complainant is entitled to ?
4. The evidence consist of oral testimony of PW1 and Exts P1 to P3 marked and Ext R1 marked on the side of opposite party.
5.The Point : Complainant was examined as PW1 . She had availed a loan for Rs.328952/- from the opposite party to purchase a TATA 407 vehicle bearing Reg.No.KL 06E 3289. She had agreed to repay the amount in 48 monthly instalments of Rs. 10526/-each. Due to financial crisis the complainant could not remit the balance monthly instalments in stipulated time. The complainant was already paid an amount of Rs.3,32,490/-. But on 24/5/2015 opposite party issued a legal notice demanding an amount of Rs.4,04,101/- for settle the loan account Ext.P1. Opposite party fraudulently claimed the said amount which includes huge overdue charges and penal interest Ext.P3 which is against the guide lines of RBI.
In the written version opposite party had admitted the complaint entrusted into a loan agreement for purchasing a vehicle bearing Reg.No. KL06 E 3289. The agreed amount was Rs.5,05,993/- have to be repaid by the complainant by total 48 monthly instalments. Out of Rs.5,05,993/- an amount of Rs.3,28,952/- is loan advance and Rs.1,77,041/- is the interest. Moreover the complainant also availed working capital on 5/11/13 an amount of Rs.18,480/-, 1/11/2014 Rs.27,000/-,2/12/2015 Rs.20,172/- and on 23/11/2015 Rs.23,966/- respectively. The complainant hence liable to pay the WCL availed by him with interest to the opposite party. The complainant is a gross defaulter and did not make any payment as per the terms of the agreement. All payments are made after the stipulated time. Since the payment of instalments were not made within the stipulated time, the opposite party is entitled to claim over due charges as per the agreement. The opposite party has not produced any authentic documents from the RBI or government to show that they can charge huge and exorbitant interest on defaulted charge. Hence we fix an interest of 12% per annum for the defaulted instalments for the defaulted period and cheque bounce charge as Rs.200/-.
Hence the petition partly allowed. The opposite party is directed to settle the loan account of the complainants’ vehicle by charging only 12% interest per annum for the defaulted instalment for the defaulted period and order to return all documents collected as security for the loan within 30 days of the receipt of a copy of the order.
Pronounced in the open forum on this the 23rd day of May 2017
Sd/
SRI.BENNY.K .MEMBER
Sd/
SRI.S.GOPAKUMAR : PRESIDENT
Exts
P1- Lowyer notice
P2- copy of repayment chart
P3-copy of statement of account
R1-copy of loan agreement
PW1- Jaya Sojan-Complainant
eva
/Forwarded by Order/
SENIOR SUPERINTENDENT
