Education loan and its subsidy
jose abraham
(Querist) 07 July 2015
This query is : Resolved
It is informed that we had taken a total amount of Rs 2,40,000/ as education loan from UBI Kannur branch under EWS scheme since the year 2010-11 to 2012-13 ie. @ Rs 80,000/- as one installment per year. My daughter was completed her degree course as B tech by Jun 2013. In view of the completion of moratorium period by Jun 2014, I had approached your branch and fixed Rs 4205/- pm as equal monthly installment for 7 years for re-payment of the loan amount of Rs 2,40,000/- which is outstanding at the end of moratorium period.
Now the has issued and notice asked me/ my daughter to pay Rs 25,207.89 as interest accrued since Jan 2015 onwards . It is not understood, because I have paid all the interest due from Jul 2014 to till date @ Rs 4205/- pm as EMI fixed at the end of moratorium period which was agreed to pay.
On approaching the UBI Kannur branch manager, he said that the outstanding amount was the interest accrued during moratorium period .
Kindly advise me further action
Biswanath Roy
(Expert) 08 July 2015
Request the Bank for a detailed statement of interest levied upon the education loan.
( THIS IS NEEDED FOR VERIFICATION WITH THE GUIDELINE CIRCULARS OF R.B.I. )
P. Venu 
(Expert) 08 July 2015
Which Bank? Examine the documents carefully. Most often, Banks are flouting the policy guidelines for Educational Loans.
Rajendra K Goyal
(Expert) 09 July 2015
Ask for the loan account statement.
Loan installments are fixed on the basis of prevailing interest rate and is changeable when interest rate changes.
Interest is charged from the date of installment and during moratorium period also interest is accrued.
In case of EWS there may be some interest subsidy and there are possibility the claim for subsidy rejected hence Bank has claimed the interest from you. Confirm from the Bank.
