Early settlement issue

Early settlement issue

I took a loan from Abu Dhabi Islamic Bank (ADIB)’s Al Ain branch and settled it on January 26, 2014. The loan repayment period was 48 months but I closed the loan within an 18-month period. The bank charged me full profit [of four years’ interest]. As per the Central Bank’s rules for early settlement, the bank is liable to charge only one per cent of the outstanding loan amount in such cases.

When I approached the bank, they told me to register a complaint at Central Bank. I didn’t get any feedback from Central Bank.

Please, consider this request and do the needful to refund the overcharged amount.

From Mr Narayana P. Manoj Kumar

Al Ain

The management of ADIB responds:

For the case referenced, we have looked into the issue and it turned out that the customer has already closed his liability issue in January, last year.

(Process initiation: February 11. Response from organisation: February 12. Process completion: March 9.)

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