Legal Question in Banking Law in India

Dear Sir/Madam,

I have applied for education loan on may 2015 and the bank said everything is ok and will give money. On my travel date to abroad they said some dispute in CIBIL due to previous loans. But I have cleared everything and my CIBIL is clear. I submitted all no dues. The Equifax CIBIL is not updated but the main CIBIL was updated and clear. I went to abroad in August 2015 and paid all my tution and other expenses from my pocket for 2 terms( nearly 12lac). The bank manager is telling we will release today , tomorrow and some other stories. I submitted almost 2kg of documents and he asked me to come india to execute GPA to my Father-in-law( Guarantor) related to loan debit and emis for future if any and said this is last document.

But again this manager is delaying. Its been around 10months that this process. Even i left the job ( My sal is 10lac) and went for studies based on loan. Please give me a suggestion how to approach this problem.


Asked on 3/15/16, 9:50 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

17.03.2016

Dear Sir / Madam,

It is evidently apparent from your query that you have already made your own arrangements for funding and incurred expenditure for your education abroad from your own personal and private sources. In my opinion, you should try to refrain from availing of an educational loan from the Bank and save on unnecessarily paying interest to the Bank. Instead, you should work and simultaneously study abroad and pay your tuition fees and complete your education.

Regards,

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Answered on 3/15/16, 10:29 pm


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