Tamil Nadu: Bank accused of pressuring to pay installments despite repaying full loan

THOOTHUKUDI: A 53-year-old man hailing from Kovilpatti submitted a petition at the Kovilpatti RDO office on Friday alleging that a private sector bank has been forcing him to pay loan installments, in spite of him having repaid the entire loan amount.

According to the petition, Manikandan (53) of Indira Nagar had taken a loan of Rs 2 lakh from IndusInd Bank for a scheduled monthly instalment of Rs 10,699 for 24 months. After paying the dues for 10 months, Manikandan prematurely closed the loan by paying Rs 1.15 lakh a month ago, read the petition.

“The bank had acknowledged the loan closure, but informed me that the declaration of closing the loan amount will be sent later. However, early this month, I received a message from the bank urging me to repay the due along with cheque bounce charges of Rs 413,” Manikandan said.

Speaking to media persons, Manikandan said the bank staff had been contacting him over phone to repay the installments without heeding to the fact that he had settled the loan altogether. “They are not releasing the no-objection certificate which declares that there are no pending dues. The issue has been causing me mental agony as my CIBIL score would be affected,” he said.