Upgrad LLM

cibil reporting

I had availed a education loan from a Nationalised Bank during 2007. As per prevailing EL rules interest accrued during course study can be paid along with principal after getting employment or one year after completion of course whichever is earlier. However to reduce the burden my parents who are also co borrowers agreed to pay interest in monthly instalments starting immediately after availing loan. Accordingly they paid instalments regularly till march 2011. However from Apr 2010 to Oct 2010 there was no payment. Principal started from  Nov 2011. I paid few instalments towrds priniciple. The bank treated my account as NPA as instalments of interest were overdue and reported to CIBIL. After long correspondence and arguments I have been able to convince bank that ithere was no obligation to pay interest before completion of course and we were paying interest only for our convience and not to treat account as NPA. Now they have rephased the loan instalments and treat the account as STANDARD ASSET.

Please let me know whther now can I demand removal of CIBIL report by the bank?



You have mentioned as per EL rules nd it is believed that you have a copy od such rules, and by quoting the rules in writing, you have been able to convince the bank and bank has agreed to rephase the instalments.

As per RBI guidelines the customer can obtain his/her credit report by depositing a fee to the maximum amount of Rs.50/-. Although the banks shall decide their fee but the maximum amount can be Rs.50/ only.

You can ask the bank to quote their fee or alternatively you can deposit Rs.50/ and ask the bank to supply you the report by registered post, quote their fee and refund you the balance amount if any.

You can even ask the bank to confirm in writing if your name was sent for inclusion in the list of defaulters and to supply you the copy of the bank's written communication to CIBIL or any other credit rating agency, and since bank was at fault to withdraw your name from  CIBIL or any other credit rating agency, and to supply you the copy of the bank's written communication to CIBIL or any other credit rating agency asking them to withdraw your name and copy of report of CIBIL ............confriming withdrawl.

many of the bank employees/officers/managers are ill informed, many of them flout norms,and many of them take actions which cause inconvenience/harassment to the customer and leave the burden and expense of proving their innonece on the customer.

You can also complain to the Nodal Officer/MD of the bank in writing or raise RTI.

You are within your rights to obtain the docs mentioned above.

You should have written to the banks that you shall not be depositing the instalments since you have paid the excess amount, and that interest amount shall be paid later with principle as per EL rules.

Kindly be careful in future and avoid default from your side.


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