[Figo0202]

@mods, as this is my first post, please move it to relevant section or merge with relevant thread.

Like everyone here, I've loved cars since childhood. We went from a Premier Padmini (classic!) to a Maruti Omni (a.k.a. the box that carried everything). When I started working, I bought a used Maruti Zen, which taught me how NOT to buy a used car (that’s a horror story for another day).

After the Zen Debacle™, I got a Ford Figo Diesel ZXI and loved it like a child. 180,000 kms of pure joy later, I upgraded to the Ford EcoSport in 2019. Fast-forward 142,000 kms, and the itch for a new car hit me hard.
Then came August 2024. My friend bought new Mahindra 3X0 and my car itch turned into a full-blown rash. After convincing my wife (cue my evil grin), we agreed: she’d inherit the EcoSport, and I’d get the Mahindra Scorpio N Z4 Diesel Manual.
And here’s where the fun begins!

The Loan Saga of 2024: A Thriller
A friend with DSA connections sent my docs to 3-4 banks. And boom – rejections galore! My CIBIL score plummeted faster than my hopes. One banker finally informed me: a two-wheeler loan from 2006 was haunting me.
Plot twist: In 2006, I was in college. I didn’t even have a PAN card back then!
CIBIL showed it was a loan from IndusInd Bank. Armed with this info, I marched into their branch, where the employees looked at me like I’d just travelled back in time.
Loan for ₹41,000. Paid for 11 months. ₹25,300 pending.
“I never took this loan!” I spoke. They showed me the application with my college ID... and my uncle’s PAN card.

Family Flashback!
Turns out, my uncle wanted a bike back then. No local proof? No problem! My dad, in peak “family support” mode, suggested using my college id for local proof and for a student discount.
Fast-forward to 2023: I opened a joint account with my wife in IndusInd Bank. They connected the dots, and my CIBIL score screamed: “Suit Filed!”
Called my uncle in Canada. His response? “You’re the primary applicant, . Pay it!” Thanks, family.

The Damage: ₹1,72,000 (interest does what it does best – multiplies). Paid the first instalment in December. Second one due January 2025. The Scorpio N will have to wait until my birthday as bank said it takes upto 6 months to refresh the cibil

Moral of the Story:
Keep an eye on your CIBIL report
Never trust family with your documents. (Love them, but don’t lend them your identity!)
Here’s hoping my next post is about my new car – not another life lesson

[Ananthang]

Did you sign the document? If yes your moral is already good.

If you did not sign - ask the bank for primary applicant signature, if your uncle had signed it is forgery. Legal action is up to you

[DicKy]

Originally Posted by Figo0202

Called my uncle in Canada. His response? “You’re the primary applicant, . Pay it!” Thanks, family.

The Damage: ₹1,72,000 (interest does what it does best – multiplies).

What??

Like, are you not in good terms with your uncle? He defaulted on a loan taken in your name. Not even sorry or apologetic or promise to pay half even.

1.72 LAKH rupees of yours gone, for no fault of yours. (Other than not taking care of your student ID ) Not sure how much it would pinch you, but am pretty sure your uncle (or his kids) would feel the pinch only for a month's rent in CAD terms.

[gischethans]

Originally Posted by Figo0202

“I never took this loan!” I spoke. They showed me the application with my college ID... and my uncle’s PAN card.

If it is the uncle's PAN card, shouldn't the uncle's CIBIL be impacted?

[thanixravindran]

It looks like your uncle made you as the loan applicant with your college ID (may be forged your signature, one has to give an undertaking that no PAN card is available those days) and may be he stood as guarantor with his PAN card.

It will be a long drawn process to contest this type of issues. Sad that your dream has to wait but good that you are getting it corrected at your cost so that in future you can avail financial services. Don't worry Karma will hit those wrong doers in some other way.

Sad that in this country that is full of scams everyday, even today, there is no way one can access their financial/loan profile against their names with bureau like CIBIL without fee payment (Once a year free report is available but no modification allowed in profile). These bureau should allow AADHAR or PAN based OTP system to create a profile by end users who just want to track and report any wrong doings in their profile.

[F150]

The story doesn't add up.

1. Dependent person cannot be primary applicant
2. How did they tag that loan to you if PAN didn't exist at the time of application ?
3. Why didn't the bank seize the bike after the loan was defaulted ?

I think OP is being incorrectly charged by the bank.

[for_cars1]

Originally Posted by DicKy

... Not even sorry or apologetic or promise to pay half even. ....

..

With rare exceptions, this seems to be the default human behavior where there is no concept of returning what is taken as loan without significant hardships and followups to recover .

Its better to give it(a smaller amount) as a donation rather than as a loan.

[AMG Power]

Student loan cannot be sanctioned without the signature of the student - an ID card alone is not sufficient.

If your uncle has signed, it is a forgery which is a criminal offence. This will need to be established as it will be his word against yours.

There is some complicit with the officials in the bank as they would have noticed your absence and your uncle signing the documents.

The bank cannot hold you liable for money taken by forgery. You have to establish that you have not signed the documents and received the money.

[Axe77]

Originally Posted by F150

The story doesn't add up.

1. Dependent person cannot be primary applicant
2. How did they tag that loan to you if PAN didn't exist at the time of application ?

Where has OP said he was “dependent” or under 18 years of age. He was in college and may well have been 18 years+ / an adult.

Secondly, it’s quite possible since his dad had offered this, he may have signed the papers and there was no forgery involved. Even if there was, the time spent in proving forgery etc will not be worth it as it will only delay his CIBIL score being fixed and him being able to move on in life.

If at that time, the document was done with OP being the primary applicant then his CIBIL status will be rightly affected. It’s likely his uncle stood behind as the “credit” / guarantor. Nothing incorrect in OP’s CIBIL being affected in this circumstance.

Regardless of above, it’s best to pay it and close the chapter with the bank so you can set right your CIBIL asap. No legal action for this amount is worth it.

Very disappointed of course at such a petty approach by the uncle who’s not had the grace to even cover the amount. That to me is the most disappointing aspect of this saga.

[VarunVelavan]

This is a nightmare. A practice I have developed over the years is frequently getting a credit score check, in the order of once every year. Many banks and credit vendors allow you to do it for free without your credit score being affected by the checks.
You will never know when a good opportunity shows up and you need a loan to enable the opportunity.

[ike]

Originally Posted by AMG Power

Student loan cannot be sanctioned without the signature of the student - an ID card alone is not sufficient.

If your uncle has signed, it is a forgery which is a criminal offence. This will need to be established as it will be his word against yours.

That is almost impossible to prove. There would be no CCTVs in that era and even if they were there the footage wouldn't have been preserved. Unless OP can produce irrefutable proof of him being somewhere else at the time the loan was processed, there's really no hope.

[AsphaltNomad]

@Figo0202 - Hats off to the maturity shown by you. The less said about "the uncle" is better! I'm sure there has been a heart burn but to move on in the right direction is what matters. I hope you get yourself the Scorpio and enjoy it thoroughly.

[somersault]

Originally Posted by Figo0202

Turns out, my uncle wanted a bike back then. My dad, in peak “family support” mode, suggested using my college id for local proof and for a student discount.

I would suggest paying it up and get the CIBIL fixed asap. At the same time, do send a letter to the bank stating that I have not taken this loan and it appears that the family member had taken it. I am settling this loan on my personal front as a good citizen. Do get the acknowledgement from the bank with sign and signature once it is fully repaid. This letter will be useful to you in the future.

After this story is over, do contact the uncle and his children about this loan and copy of the application and the letter to the bank. Do mention that you will be ready to share this story within the extended family.

[GoBabyGo]

Hi, I have help one of my ex colleague who was in almost similar situation as yours. We approached first bank and then Banking Ombudsman for settlement. There was due of less than Rs.5000/- but with interest it went up to Rs.105000/- (roundoff for easy reading). We settled with bank for Rs.15000/- as there was no fault of my colleague for that loan.

After obtaining no due certificate from bank, we approached CIBIL via email showing urgency in the subject line and sent them the no due certificate letter and requested CIBIL to update the same in their system attached with my colleague PAN card. It was only six working days and CIBIL updated and his home loan was approved basis no due certificate from bank and revised CIBIL score (which was still lower than required, but since my colleague was having salary account on the same bank, where he applied for home loan, with very good track record, loan was approved).

Don't pay full amount to bank. There will be no impact on your CIBIL score whether you settle it with bank at lower amount or pay full amount (with interest)

[aashishnb]

Originally Posted by Figo0202

The Damage: ₹1,72,000 (interest does what it does best – multiplies). Paid the first instalment in December. Second one due January 2025.

Did you not try to negotiate a OTS (One Time Settlement) with the bank since they must've already fully written off the loan?
Looks like they've charged you interest, penal interest, etc. to arrive at the new sum.
While it would have saved you some money, not sure how it reflects on the CIBIL.