LOAN RECOVERY: EDUCATIONAL LOAN

Querist : Anonymous (Querist) 17 February 2011 This query is : Resolved
I AM APPLYING FOR EDUCATION LOAN IN YEAR 2001.
BUT BANK APPROVED IT LATE, SO I AM RETURN IT.
NOW IN JULY 2010, THEY ARE SENT ME A LATER FOR RECOVERY OF Rs. 8000 AGAINST EDUCATIONAL LOAN.
AFTER TALK TO BRNACH MANAGER, HE SAW THAT THIS IS AMOUNT OF AGAINST LIFE INSURANCE POLICY WHICH IS BUY BY BANK AT THE TIME OF LOAN DISBURSEMENT(POLICY COST Rs. 863).

NOW AS PER THEM TOTAL AMOUNT IS RS. 8000/- INCLUDING INTEREST AND PRINCIPLE(Rs. 863).

NOW WHEN I AM AGREE TO PAY RS. 863 THEY ARE FORCE TO ME PAY INTEREST.

NOW WHAT CAN I DO.

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Parthasarathi Loganathan (Expert) 17 February 2011
Since certain education loan schemes are linked to Insurance coverage, the loanee is legally bound to pay the insurance premium. Better get the loan adjusted as it is your obligation to settle the loan dues.

A V Vishal (Expert) 17 February 2011
The loan is time barred. Don't respond and send a reply to their notice. The banks cannot act according to their whims and fancies.

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