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Q.

I was sanctioned a loan -against -property by a multi-national bank. Major part of loan was used to clear outstandings of another bank. The balance portion of the loan was to be credited to my savings account with this multinational bank . Bank officials made pay order for this amount and assured me that it will be deposited in my account. However 2 months have passed. They have not credited my a/c. I did not pay the emi's for want of these funds and persued the bank officials. They kept giving assurances. Now they say, if I dont pay emi"s, they will report to Credit Bureau.// ANIL AGARWAL

Tags: months, emi, loan
Asked by Anil Agarwal, 21 Oct '07 11:02 am
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Answers (2)

1.

Had they given any sanction letter? payment to other bank and about balance? Report to Banking ombudsman
Answered by veeravenkata satyanarayana, 21 Oct '07 03:05 pm

 
  
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I hope that your first loan was cleared by this loan. I am not 100% sure on this but EMI cannot start until you have been given a loan. The bank may be able to charge a application fees before the loan but they repayment does not seem to logical before you get paid!.
Finally I would like to know the name/branch of such a great bank.
Answered by nagendra singh, 21 Oct '07 04:35 pm

 
  
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