Regarding cheating of sbi bank on educational loan
Sivarama Pandian M
(Querist) 02 May 2013
This query is : Resolved
HI
We got educational loan for my sister to do BTech(IT) in 2010-2012 from Tenkasi, Tirunelveli, Tamil Nadu Branch. Now we are about to do repayment of the loan. We have totally got Rs1,80,000 from the bank.
But now when we approached the bank about the total money to repay. They are telling that around Rs 2,30,000. As per the government education load plan, interest will be applied either after one year of course completion or after getting job. Below is the website link of SBI regarding this.
https://www.sbi.co.in/user.htm?action=viewsection&id=0,1,20,118&lang=0
Now the bank representatives are telling that interest will be calculated from after one month of the first payment issued to student. Due to this, we are in situation to pay around Rs 50,000 as interest for the money Rs 1,80,000.
Kindly clarify me about this situation and reason around this interest. It will be very helpful to understand this.
Waiting for your valuable reply on this.
- Sivaram M
M.Sheik Mohammed Ali
(Expert) 02 May 2013
first you send legal notice to that bank with aforesaid query, if not give clear reply, than file a case against bank
Raj Kumar Makkad
(Expert) 02 May 2013
Complaint to Bank Ombudsman shall definitely fetch good results so exhaust this opportunity failing which file a civil suit.
Guest
(Expert) 02 May 2013
I have already replied your email. There seems to be some misunderstanding in interpretations of terms. You may better recheck the condition 9.c of the terms & conditions, as available at the following link:
http://www.sbi.co.in/webfiles/uploads/files/1343212299162_EDUCATION_LOAN_MITC_JUL_12.pdf
P. Venu
(Expert) 03 May 2013
The querist has misunderstood the scheme. It is not that interest will be applied subsequent to the completion of the course or getting the job, but that there is a repayment holiday/ moratorium during this period (pl. see condition 11). As specified in Condition 9c simple interest is charged during the period of moratorium. The bank has not done anything wrong.
Perhaps, the query could have been well made without the misconceived allegation of cheating.
Sivarama Pandian M
(Querist) 03 May 2013
I understood now.
Thanks for the experts for your time and kind reply immediately.
Sudhir Kumar, Advocate
(Expert) 25 May 2013
discussion with bank may ease the trouble or atleast give way for complaint if they appear to be adamant on wrong stand.
