Consumer Protection Act, 1986, Section 2(1)(r), 14(1)(d) – Consumer Protection Act, 2019, Section 49(2), 59 – Consumer – Bank loan – Interest refund – Unfair trade practice – Respondent No.1 being a NBFC and as a corporate body would be bound by its policies and procedures with regard to lending and recovery -Applicability of the rate of interest to be charged is also a matter of policy and cannot be case-specific unless the individual agreement entered into between the parties indicate otherwise – Appellant filed the loan application on 16.09.2005 and opted an Adjustable Rate of Interest, which will depend on the increase or decrease of the rate of interest –Held that when the parties have signed the agreement dated 01.11.2006, the terms agreed therein would bind the parties and the email exchanged between the parties cannot override the policy decisions of the respondent No.1 institution – In order to contend that the appellant has been misled or that the earlier representation will constitute unfair trade practice, the appellant ought to have raised such contention when the agreement was to be signed – Having executed the agreement; having agreed to the terms and conditions; having received the loan amount, the appellant cannot raise any objection for the first time when the rate of interest was increased after having acquiesced by signing the agreement – Further, the appellant having repaid the loan amount with interest as per the terms of agreement cannot make out a grievance in hindsight and seek refund of the amount paid–Held that no error has been committed by the NCDRC so as to call for interference -Appeal liable to be dismissed. (Para 20, 11, 13 to 16)
SUPREME COURT OF INDIA
2024 STPL(Web) 144 SC
[2024 INSC 162]
Rajesh Monga Vs. Housing Development Finance Corporation Limited & Ors.
Civil Appeal No. 1495 of 2023-Decided on 4-3-2024
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