Personal Loan issue

[sam_sajith]

Thanks

Check whether your loan is taken on Floating INterest rates ? If yes, the bank can increase the interest rates . If you have taken a loan on fixed interest rates, the rates "cannot be increased ". this is the point which you need to touch & understand first.


If you are on floating rates, there is nothing much you can demand other than talking to them nicely and coming to an solution. As one of the member has suggested, you can obtain a lower rate loan from a different provider and settle this current outstanding. Atleast, on this point try to get the loan at a "Fixed Rate".


Knowing the current economy situation of the country, it is not recommended to obtain loans at floating rates as the tendency is that rates will go up.



Cheers. !!!

The loan was taken at a fix rate but it was hidden all the time, when I started to use their app few months ago it showed me 18% and after few months I have noticed the rate been upgraded to 19.25.

After few mail shoots they told me the reason why I have a hike in interest is taking my salary remittance from NTB. I said I'm not satisfied with the service cause it takes two three working days to credit while other banks do it in a day maximum.

Can I go for one time settlement targeting only the capital ? I don't feel to pay this as I feel I have been driven by the bank. My current financial situation doesn't help me at all. If the bank to be taken any legal actions what are the consequences? I know about the crib outcomes all I need is sometime to collect the funds which covers the balance capital and throw the money at their face yet not the interest.

Please advice

 

[shiwankaswe]

The loan was taken at a fix rate but it was hidden all the time, when I started to use their app few months ago it showed me 18% and after few months I have noticed the rate been upgraded to 19.25.

After few mail shoots they told me the reason why I have a hike in interest is taking my salary remittance from NTB. I said I'm not satisfied with the service cause it takes two three working days to credit while other banks do it in a day maximum.

Can I go for one time settlement targeting only the capital ? I don't feel to pay this as I feel I have been driven by the bank. My current financial situation doesn't help me at all. If the bank to be taken any legal actions what are the consequences? I know about the crib outcomes all I need is sometime to collect the funds which covers the balance capital and throw the money at their face yet not the interest.

Please advice

then you can get legal action
but I don't think you get it for Fixed in loan documents, because most of sri lankans go for loans without checking conditions as they try to get it from any bank with any condition as its not easy to get... this is the sad truth

 

[sam_sajith]

then you can get legal action
but I don't think you get it for Fixed in loan documents, because most of sri lankans go for loans without checking conditions as they try to get it from any bank with any condition as its not easy to get... this is the sad truth

What sort of legal actions ? They don't have any mortgages as it's a personal loan , my expectation is to collect some funds and settle the balance capital once

 

[rskoora]

Banks never go to legal actions unless pending amount is extremely high. It was told by NDB loan rep. He said it is very costly and time consuming to go for a legal actions for such a small loans

 

[sam_sajith]

Banks never go to legal actions unless pending amount is extremely high. It was told by NDB loan rep. He said it is very costly and time consuming to go for a legal actions for such a small loans

Yes that's the practical conduct, yet I have no idea what would turn for my case my remaining balance is somewhat 375,000 . And the capital would be much lesser I guess my plan is to collect 300,000 odd once and settle it once if I started pay the installments I will eventually pay the total . Bank is not willing to negotiate I guess I sent few mailers afterwards yet no answer but reminders are coming for the next installment , NTB has played a really cleaver game with numbers , I was so silly to have them in my pocket

 

[praskruz]

Banks never go to legal actions unless pending amount is extremely high. It was told by NDB loan rep. He said it is very costly and time consuming to go for a legal actions for such a small loans

But when you CRIB remarks, its a real headache

 

[shiran987]

The loan was taken at a fix rate but it was hidden all the time, when I started to use their app few months ago it showed me 18% and after few months I have noticed the rate been upgraded to 19.25.

After few mail shoots they told me the reason why I have a hike in interest is taking my salary remittance from NTB. I said I'm not satisfied with the service cause it takes two three working days to credit while other banks do it in a day maximum.

Can I go for one time settlement targeting only the capital ? I don't feel to pay this as I feel I have been driven by the bank. My current financial situation doesn't help me at all. If the bank to be taken any legal actions what are the consequences? I know about the crib outcomes all I need is sometime to collect the funds which covers the balance capital and throw the money at their face yet not the interest.

Please advice

I have no experience with NTB, therefore I'll share you a general statement.


If you have signed up the loan agreement on "Fixed Rate", they cannot increase the rate just because you have changed your salary remittance, unless you dont have adequate funds in your account in order to pay the loan installment or you have missed your installment payments etc, unless they have specified that in the agreement.



I presssume, you are dealing through a branch and they may be taking you for a ride. (branches have some targets like getting X amount of cash inflow for a month, and these salary remiitances are counted in that)



Go to their head office, with all the papers you have and discuss the matter with a senior officer, and they will try to sort the matter. if they are not willing to sort this for you, tell them that you want to close the loan by paying the full due amount, at the previous rate. Get a loan from a different party for a lower rate, with fixed rate and settle this and continoue the new loan.



Do not arreasyour loan, as that will affect your credit status and you may have difficulties in obtaining another loan.


Hope this helps.


Cheers !!

 

[sp4chamara]

..Bro..you must read each and every clause in your agreement.At least do it now..
other thing is do not communicate via emails.Go and meet the loan officer or the manager and discuss this face to face.If you are having difficulties
with your current financial situation, explain same to your bank manager and ask for a solution.

..with my experience NTB is the worst bank in SL.