Payment of fees to Bank
Dear sir, I took an agriculture gold loan rs.130000/_from sbt adimali idukki,in 2012,for doing agriculture and I paid all amount before due date. I renewed the loan for rs.121000 for one more year, as my crops harvest was bad. In 2014 I closed the loan and now I have no loan with them. Now the bank has called my wife and threatened to pay Rs.5849 else they will go for revenue recovery for collecting the interest subsidy they could not approved from govt. The bank is saying this is a new rule by govt. The reason for rejection of interest subsidy was non submission of land tax receipt. But when I took the loan,I clearely mentioned that I am not able to submit land tax receipt as I am not holding any tax paid land in my name. I residing in idukky district of kerala and I have 2.5 acres of land which has only posession certificate.(no pattah). Since last six months the bank is calling me for repay the interest subsidy they passed on me, while I closed the loan.Now they are saying they will proceed for revenue recovery. Is it possible to do so? Do I have any right to do not pay the additional interest charged on a closed gold loan? Please advice. Binu baby
SBI is country’s largest lender and it has a defined criteria of all the document required in order to avail an agricultural gold loan and since it is a government scheme to provide loans to farmers at a subsidised interest rate the bank will have to abide by such rules also and will have to provide subsidised gold loans for agricultural purpose.
For gold loans up to Rs. 10 lakhs for a period of 3 years the bank can give loan up to 75 % of the value of the ornaments pledged to it by the farmers. Subsidised interest rate on these agricultural loans is 7 % and it is further subsidised to 4 % if the farmer has closed the loan on time which happens to be in your case.
Now, let’s come to the important point which is the documents required to be submitted in order to avail such gold loans. These are:
Application form duly filled.
DP note delivery
2 passport size photographs
Letter of witness.
If you have submitted the above mentioned documents at the time of applying for your loan then you don’t need to submit any further documents now.
If the bank is still persistent about repayment of subsidised interest and reiterate about the government order that enable them to start a procedure of revenue recovery you are entitled to ask them about the details of the new government enactment they are talking about. In case the Bank is not cooperating, you can file for a RTI to find out the details of the new Government scheme they are relying upon. If they present you with any such new rules kindly share it with us and we will get back to you after assessing and verifying it.
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