Educational loan
Priyanka
(Querist) 16 April 2012
This query is : Resolved
thanking you all,.......................................
Devajyoti Barman
(Expert) 17 April 2012
The High Court usually does not go into complicated questions of facts.
It is good case for compensation from the consumer forum for which you need to file one such case u/s 12 of the consumer protection act.
Shonee Kapoor
(Expert) 17 April 2012
I am in full agreement with Ld. Barman.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
malipeddi jaggarao
(Expert) 17 April 2012
By looking into the pass book entries, it is clear that you have intention to pay your education loan though the initial instalments are not sufficient even to meet the interest load. Bank should have considered reschedulement of EMI instead of hurriedly going for legal action. You need not over react and maintain your calmness. You go on depositing the instalments (whatever is possible) in your account. If Bank refuse to accept, record the conversation and take a witness. They will definitely accept the recovery. If they do not accept write to their Head Office. You go the website and found out the names and addresses of Chairman and Executive Director and lodge a complaint. Ombudsman can not take disciplinary action against the Bank officials. You send a notice to the Bank requesting them to reschedule your EMI and keep the acknowledgement. Anyway you have to repay the debt that which you are doing, but the amounts are insufficient. Try to deposit some bulk amount if possible. If they do not accept your request you can go to consumer forum as advised above. I only adise you not to overact. Bank also require the repayment not harassment. There should be proper communication between the Bank and customer.
RAJU O.F.,
(Expert) 18 April 2012
First you have to consider that the bank had assisted you to complete your studies by granting Edu loan at concessional rate of interest. Normally banks only wanted to get back their money with agreed interest within schedule time. You had to apprise your difficulties in repayment to the bank officials tactfully, to get it re-scheduled, which is entirely only at the discretion of the bank; you cannot compel the bank to re-schedule, whatever may be the causes. Tarnishing the bank officials and fighting against them may not solve your problems. Think cool and try to reach a compromise settlement.
