Pune: A customer from Pune while taking a home loan took the interest at fixed rate without exercising the floating rate option given for the interest rate. After realising this mistake, the customer demanded for change but the bank did not initiate it. The customer thereafter contacted the consumer panchayat and after contacting the senior bank officer directly the bank not only apologised for the mistake but also returned the excess amount to the customer.
Ruchita Shah took the home loan from the bank in the year 2017. While taking the loan he was given the option of floating rate that is as the interest rate changes for the interest rate. The bank took interest from them at a fixed rate without taking such action. After Shah calculated the floating rate he realised that the bank owed him a huge amount. He demanded the same from the bank but the bank administration was delaying payment by demanding documents and saying we will look into it and other excuses.
Eventually Shah got fed up and contacted the customer panchayat. He met bank president Vilas Lele and showed him all the documents. He said and explained that he wanted to appeal to the court against the bank. Lele contacted the bank’s senior officer directly as per the panchayat’s working practices. Through the letter he informed all the information in detail. The bank officials noticed the mistake made by the administration. The bank promptly admitted their mistake to Shah and also apologised and also credited the huge amount which was being calculated as floating rate to his account. Of Course the bank would have had to pay more after the case went to court, but the work of the panchayat is first lenient, then legal. Lele said that this problem was solved even after a simple letter.
