Legal Question in Consumer Law in India

Education loan Andhra bank
Hi,
I am from Kanpur. I have taken education loan of 229000 thousand during my education period i.e. 2000 - 2004, the moratorium period is one year, so my repayment starts from September 2005 before that I duly pay the interest as told by the bank. for the repayment the bank told me to pay 6500/month in 60 installments in may 2007 bank asked me to pay monthly installment of 7500 due to increase in interest rates so i do so. Now in July 2010 just before two months of final installment the bank manager called me and told that they have made a mistake in calculation of EMI in 2006 and instead 6500 it is 8300 so now i have to pay the difference that is around 110000. I still dont understand how a bank can make a such a mistake and if it a mistake then it is their mistake so they should be penalized why I, PLEASE help me on this, and what should I do on this

Asked on 9/10/10, 3:26 am

Vishwa Arya Arya & Co.

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they cannot make the claim now. You may send the last instalment to them by bank draft.

Answered on 9/10/10, 11:05 am

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