Legal Question in Banking Law in India

I have taken a edu.loan of Rs. 7.50,000/- from bank from 2010. They have released 3 instalments of Rs. 1.50,000/- each for 3 years by crediting the same amount in my son's SB account with the same bank. Now in 4th year they are saying that they will not credit the 4th instalment of Rs. 1,50,000/- in my son's SB account instead they will directly remit the amount to the college in foreign. As my son is very very clever in study, he is given 30 % discount on tution fee, provided my son pays the tution fees across the cash counter and that also in cash. Discount of 30 % is very big amount, hence I requested bank that first I will pay the fees from my pocket and then on production of fee receipt you please release the exact amount as edu.loan. But they are not agreeing it. Moreover they are not ready to accept any documents sent by email. they insist on original documents, again which attracts higher expenses of international courier. I requested them to accept the documents sent by email, and when no.of documents are enough to reach the weight of 500 gm or 1 KG, I will ask my son to send the same through courier. But they do not agree to it.

Asked on 4/20/13, 3:47 am

Fca Prashant Chavan Expert Edge LLP

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20.04.2013

Dear Sir / Madam,

(Daxini Society, Amdavad, Gujarat)

Your son's education is more important than the negligible courier charges that you need to incur on bank documentation.

Regards,

Answered on 4/20/13, 5:44 am

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