CITIFINANCIAL CONSUMER FINANCE INDIA LTD. Vs. SANDEEP KUMAR SHARMA
LAWS(DELCDRC)-2009-1-3
DELHI STATE CONSUMER DISPUTES REDRESSAL COMMISSION
Decided on January 19,2009

Citifinancial Consumer Finance India Ltd. Appellant
VERSUS
Sandeep Kumar Sharma Respondents

JUDGEMENT

J.D.KAPOOR,PRESIDENT (ORAL) - (1.)ADMITTEDLY a personal loan of Rs. 22,000 was sanctioned to the respondent by the appellant on 18.1.2007. According to the respondent he was assured that the loan would be disbursed at a monthly interest @ 2% for a period of two years against payment of Rs. 1,125 each EMI for a period of 24 months. However, later on he claimed to know that he has been asked to pay 36 EMIs of Rs. 1,125 each. On having been cheated he filed the instant complaint. The appellant was proceeded ex parte and vide impugned order dated 3.9.2009, District Forum allowed the complaint of the respondent in the following terms: (i) To accept the loan amount of Rs. 22,000 under personal loan account No. 10820459 in 24 EMIs at Rs. 1,125 each. (ii) To pay a sum of Rs. 5,000 as compensation to the complainant. (iii) To pay a sum of Rs. 3,000 as cost of litigation to the complainant.
(2.)FEELING aggrieved the appellant has preferred this appeal.
(3.)THOUGH the appellant was proceeded ex parte but even if we accept the contention of the appellant that the respondent had agreed for payment of the loan of Rs. 22,000 against 36 EMIs of Rs. 1,125 each, such a practice is highly unfair trade practice as against loan of Rs. 22,000 which was a small amount, the appellant wanted to recover Rs. 40,500. There cannot be worst kind of exploitation of a poor man who is in need of money.
The statement of the respondent that he was represented by the appellant that the loan of Rs. 22,000, shall be payable in 24 EMIs of Rs. 1,125 each inspires confidence. It is not understandable at what rate of interest such a loan was advanced which made the payment of Rs. 22,000 amount in the form of 36 EMIs of Rs. 1,125 each by recovering almost double the loan amount.



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