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Excess Loan Charges Refund Request

1. The letter is from Paresh Enterprise requesting a refund from Aditya Birla for excess amounts debited from their loan account. 2. There were three discrepancies found - excess term loan interest of Rs. 90,831 charged, TDS of Rs. 65,516 not deducted from two EMI payments, and insurance premium of Rs. 3,00,000 charged despite the sanction letter stating insurance charges were nil. 3. Supporting documents like the sanction letter, EMI sheet, loan statement are enclosed for reference regarding the discrepancies.

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684 views2 pages

Excess Loan Charges Refund Request

1. The letter is from Paresh Enterprise requesting a refund from Aditya Birla for excess amounts debited from their loan account. 2. There were three discrepancies found - excess term loan interest of Rs. 90,831 charged, TDS of Rs. 65,516 not deducted from two EMI payments, and insurance premium of Rs. 3,00,000 charged despite the sanction letter stating insurance charges were nil. 3. Supporting documents like the sanction letter, EMI sheet, loan statement are enclosed for reference regarding the discrepancies.

Uploaded by

prahladjoshi
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© © All Rights Reserved
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Date: 26.09.

2017

To,
The Relationship Manager,
Aditya Birla.
Surat.

Subject: Refund for the excess amount debited from the account.
Ref: Loan Account Number XMERSPR00063559.

Dear Sir,

With reference to the above mentioned subject, we M/s Paresh Enterprise have availed Loan against
Property of Rs. 3,03,00,000/- crore from your esteem organization. We have been disbursed amount of
Rs. 2,97,40,365/- as on 09.09.2015.

We would like to bring in your notice that as per our knowledge we have found the below mentioned
discrepancies in our loan.

1. Excess Term Loan Interest: -

As per the sanction letter (Loan Agreement Number: XMERSPR00063559) dated 18/09/2015
your financial institute has sanctioned loan of Rs. 3,03,00,000/- @ 13% and the same was
disburse on 9/09/2015. As per the repayment schedule submitted to us our first EMI was due on
01/10/2015 of Rs. 4,52,412/-.

According to our calculation the interest due for 22 days should be as under:
Sr. No. Particulars Remarks
1. Loan Amount 3,03,00,000/-
2. Rate of Interest 13%
3. Loan Disburse date 9/09/2015
4. First EMI Due Date 1/10/2015
5. No. of days for which EMI is Due 22 Days (From 9/09/2015 to 30/09/2015)
6. Interest as per our calculation: -
(a) Interest per Annum 39,39,000/- (3,03,00,000 X 13%)

(b) Interest for 22 days 2,37,419/- (39,39,000/- 365 days X 22 days)


7. Interest as per EMI Sheet 3,28,250/-
8. Excess Interest charged (7-6) 90,831/-

We have enclosed Copy of Sanction letter, EMI Sheet, Loan Statement for your ready reference.
2. TDS matter: -

We have found that as per our repayment schedule, Installment-1 & 2 of Rs. 4,52,412/- each have been
debited from our bank without deducting TDS as per the income tax rule. Total excess amount debited
of Rs. 65,516/-.

Sr. Date EMI TDS Net EMI EMI Debited TDS Remark
No. Amount Amount to be as per loan Amount
(In Rs.) (@10% of debited Statement refundable
interest) to us
(5)-(4)
(1) (2) (3) (4) (5) (6)
1. 01.10.2015 4,52,412 32,825 4,19,587 4,52,412 32,825 Chq No.
577977
2. 02.11.2015 4,52,412 32,691 4,19,721 4,52,412 32,691 ECS
TOTAL 65,516

3. Insurance Matter: -

As per the Terms and Conditions of the sanction letter, our Insurance Charges are Nil against which our
account has been debited with Rs. 3,00,000/- for Insurance Charges dated 09.09.2015 against which the
refund process was initiated and our account was credited of Rs. 1,50,000/- as on 20.01.2016. Again our
account was debited with Rs. 1,50,000/- vide cheque no. 060086 as on 25.01.2016. We have hereby
enclosed the loan statement highlighting the matter. Kindly look into the matter and initiate the refund
of Rs. 3,00,000/- debited from our account.

Sr. Date Particulars Amount Amount


No. (Dr) (Cr)
1. 09/09/2015 Insurance Premium 3,00,000 -
2. 20/01/2016 Insurance Premium refund - 1,50,000
3. 20/01/2016 Insurance Premium 1,50,000 -
4.
5.
6.

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