Education loan of 3 lakhs
Ranbir
(Querist) 18 September 2016
This query is : Resolved
Dear sir,
My brother had applied for education loan on line for computer science and engineering with 89% marks and college allotment through entrance exam with excellent merit rank he got approval in principle for rs 330000 and he was suppose to submit his document for sanction of money in the nearest branch
He went multiple times to the bank but the loan officer neglects to receive the documents
My brother complained to the toll free number of SBI and the complain was registered for resolution following which he got SMS from chief manager of the bank who gave assurance for the problem and adviced him to meet the loan officer with his reference
My brother went multiple times to the officer but he was avoiding from one day to another
My brother went to the chief manager who directed loan officer to look at the documents
The loan officer verified the documents and had no objection regarding the same and assured my brother sanction of loan but with terms and condition of his own
The loan officer directed my brother to make insurance of rs 300000 from his end and keep the insurance policy as security along with FD of 100000
The loan officer stated that tuition fee would be provided to my brother but hostel fee,computer,books,other expenses had to be manage by himself
It is pertinent to mention hostel fee is only rs 70000
Now my brother being unsatisfied went to the SBI branch and gave his application with all his documents and requested bank to give written explanation regarding any documents or securities required for sanction of education loan but the loan officer is not accepting the application and documents sir how should we submit the documents to the bank when they are not ready to accept it
Further most important terms and condition of sbi clearly.states no collateral security below 4 lakhs and also clearly mention hostel , computer books and other expenses would be provided through education loan sir how to proceed further regarding same
We have audio recording of the conversation between the loan officer and my brother
Raj Kumar Makkad
(Expert) 18 September 2016
Though the disbursement of loan is the prerogative of the bank and thus your brother cannot seek the loan as a matter of right but the education loan disbursement is a matter of national police as per scheme launched by our PM so it shall be better to make complaint on Narendermodi app.
Ms.Usha Kapoor
(Expert) 19 September 2016
You approach Bank SBI or any other Public sector bank and explain your problem may be the scales may tilt towards you and you may get educational loan for your brother.
Kumar Doab
(Expert) 19 September 2016
Is it the same query:
http://www.lawyersclubindia.com/experts/education-loan-614886.asp
Rajendra K Goyal
(Expert) 19 September 2016
You said:
The loan officer directed my brother to make insurance of rs 300000 from his end and keep the insurance policy as security along with FD of 100000
Ans:
Bank or Loan officer cannot pressurize for Insurance policy and / or any FDR from a borrower. Should lodge complaint with the General Manager / Chairman / Assistant General Manager through e-mail and in writing. Complaint through call center may not fetch immediate and desired results.
You said:
The loan officer stated that tuition fee would be provided to my brother but hostel fee, computer, books, other expenses had to be manage by himself
It is pertinent to mention hostel fee is only rs 70000
Ans:
Have your brother applied for books and computer also? Has he submitted year wise estimates duly approved / signed by the Institution? In absence of acceptable estimates of expenses, the same can not be financed.
Rajendra K Goyal
(Expert) 19 September 2016
You said:
the loan officer is not accepting the application and documents sir how should we submit the documents to the bank when they are not ready to accept
Ans:
Why to talk to said loan officer in such case, can submit documents to Manager / Chief Manager under acknowledgement / submit through registered AD letter. Use RTI to get the fate.
You said:
Further most important terms and condition of sbi clearly.states no collateral security below 4 lakhs and also clearly mention hostel , computer books and other expenses would be provided through education loan sir how to proceed further regarding same
Ans:
Submit duly approved estimates, collateral upto 4 lacs of loan is not taken.
Raj Kumar Makkad
(Expert) 22 September 2016
If this is your repeated query then what need arose to post it again?
Rajendra K Goyal
(Expert) 27 September 2016
Sorry, could not notice, it was a repeated query.
Kumar Doab
(Expert) 27 September 2016
The author may respond to Mr.Makkar; what need arose to post it again?
