Respected Sir,
I’m from Hyderabad customer of L&T finance Ltd. We took an L&T John Deere Tractor Model 5310—55HP loan as half-yearly-in-arrears scheme on 09th Aug. Loan AGMT NO is TLA-02474. My father gave the account payee advance cheques upon L&T finance ltd but instead of issuing the amount through cheques, the L&T belonging person Mr. Govinda Rao convinced my father stating that the cheques are at head office and it takes long time to withdraw the amount from bank so please clear the installment amount in cash (Rs. 68, 750) and we will return the cheque after the each installment payment. My father trusted him and paid the amount in cash by receiving the receipt of payment. He used to collect the amount by coming to home and my father paid the amount with in due period regularly but he have failed to return our cheques after each payment and gave a reason that all the cheques will be received at last payment. This has continued till the last payment.
My father asked him to bring the previous cheques and then collect the last payment otherwise issue the amount through the cheque which I gave and return the remaining cheques along with NOC but instead of issuing the amount through cheque, they were waiting for cash to be paid. Why? At last they have contacted my father in the month of Nov and as soon as he was back, paid the amount by cash on 03/12. Mr. Govind collected the amount in cash at my home by promising that he will hand over the NOC in person. Now for NOC the reason from them is that the payment for last installment is delayed so we have to pay the O.D of Rs.8000 till then the NOC request will not be sent to head office. The actual loan payment was 09 Aug which has been delayed and paid on 03 Dec. In this case as per rule O.D will be paid if my cheques are bounced but here the case is different as follows
1.They have the cheques through which the amount can be drawn instead of that should I pay the installment amount in cash even after giving advanced cheques?
2. The property papers are kept as security deposit but here they are stating that along with property papers even the cheques are also kept for security deposit so the amount must be paid in cash if the vehicle loan is for agricultural purpose.
3.Finally last payment too paid in cash and during the payment O.D issue must have been said but just took the last payment of Rs. 68, 750 and said hopefully I will get the NOC within 15 days and that too he will handover personally.
4. Now when the question about NOC being asked after a month this O.D matter came out as an excuse. After each payment cheque must be given to me but nothing like that, even though my father have trusted.
I have sent a lot of mails to Mumbai head office describing about my problem but till now it is not yet solved and even there is no response from them. After sending these mails, one Mr. Umashanker (RFD) from Hyderabad branch office contacted me and I have explained him in detail, later he promised that he will solve the problem but at last his conclusion is the same as I have mentioned (i.e. once he said the amount of Rs 8000 must be paid then only I can issue NOC, later it has deduced to Rs 3000 and at last now Rs.2500 asking to get compromise and the problem will be solved). There is no question of delay in my payment then why should I pay this penalty amount I asked?
The loan, which is sanctioned for agricultural purpose vehicles, cheques are taken only for namesake and each installment will be collected in terms of cash only from the customer. This is the reason given by Mr. Umashanker. Does this kind of condition mentioned in the agreement? I don’t think soooo… not only me no one believes this. Every financial company gives the loan by taking cheques from the customer and as a security deposit I kept my land papers.
According to Mr. Umashanker my cheques are as security deposit. If my cheques are as security deposit then what about the property papers I gave him as security deposit? My father didn’t gave any application to L&T finance Ltd stating that please don’t issue the installment through cheque instead I pay the cash in time so in such a case how they will charge the penalty for delay payment. This looks completely an improper way of answering for my questions. There is no proper procedure on what basis the loan will be sanctioned etc and why should I pay the penalty?
If the above procedure is correct then it only means that L&T finance company is trying to escape from the IT department for the loans sanctioned for agricultural equipments/vehicles or just cheating the customers like my father.
I don’t know which department handles my query and to whom should I complain as there are different department in L&T and I don’t know exactly to which department my query belongs but I want justice. There is no use of talking with Mr. Umashanker as he is giving the same reasons, which his sub-ordinates gave earlier. I want the NOC without any penalty as soon as possible since I have been struggling with this problem from long period. If there is a genuine reason for the delay then I would have cooperated but I never accept the mistake that is not from my side and pay even if the penalty is Rs.10 also. Please do reply Sir. Hoping you understand my point Sir and advice me an appropriate solution for this problem. Can I have any scope to fight legally against them? If so kindly please help me.
With Best Regards
Pooja Reddy
Hyderabad
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