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Rs 2 crore loan plea rejected ‘without reason’, man wins Rs 47,000 compensation from bank
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The Indian Express
According to the complaint, the businessman approached HDFC Bank in September 2024 for a business loan to establish a new commercial store.
Bank sought mortgageAccording to the complaint, Archit Trading Company, a sole proprietorship operating in Hamirpur district, approached HDFC Bank in September 2024 seeking a business loan of Rs 1,99,90,000 to open a new commercial store.
Partly allowing the complaint, the district consumer commission directed the bank to jointly and severally pay Rs 40,000 as damages and compensation to the complainant.
Story continues below this adTakeawayBanks can reject loan applications, but not arbitrarily after making borrowers complete mortgage and other formalities.
If such conduct causes harassment, consumers can seek relief before a consumer commission, though claims for business losses must be backed by evidence.