Legal Question in Banking Law in India

i took a educational loan for my engineering in 2009. during the second instalment of loan (2nd yr) the bank manger told us that ,if you can produce an income certificate from dhasildar's office ,you will be given interest subsidy and no need to pay interest till u complete degree and get a job(max 1yr). I provided the same and stopped paying interest after 2nd yr. after completing my degree another manager called me (2014)and said u have not paid the interest . I told him what the other manager had said and the documents we produced ,he denied them and said there is no such scheme and my interest rate is added up. I said ok,i will pay and asked for a statement but he didnt give any and asked us to pay some amount first and denied to give statement. finally after all this time he gave an statement in which my interest rate was indeed subsidised.IN the mean time they added my name to Siebel. All this because of the negligence of a bank manager in providing me the statement and telling i am not elligible of interest subsidy even though i was. can anyone suggest me a solution.


Asked on 3/26/16, 11:44 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

27.03.2016

Dear Sir / Madam,

Since you availed of the educational loan in 2009, your engineering degree ought to have been completed in 2013, and you ought to have repaid and virtually settled the entire loan amount by now. You should meet the concerned Branch Manager, and repay the loan at the earliest and clear up your Credit Investigation Bureau of India Limited (CIBIL) report .

Regards,

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Answered on 3/27/16, 2:59 am


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