Foreclosure charges on cash credit and other fund based
This query is : Resolved
Shreyas Doshi
(Querist)
24 April 2018
We are trying to close fund based working capital loans (CC, PCFC) taken from a PSU Bank. We are an MSME exporter. Our sanction ticket does not mention any foreclosure or pre payment charges that could be levied by the existing Bank. We have now availed such takeover loans from another private bank and the old Bank wants to levy foreclosure charges on WC loans inspite of no mention in the sanction ticket. Is that correct ?
Nikhil Kaushik
(Expert)
25 April 2018
if the sanction letter or any other document executed between the bank and the borrower doesn't provide for such charges, then you definitely have a case to file a compliant with bank ombudsman.
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