This is with the reference with My Education Loan from Punjab National Bank, I took my Education loan in August 2009 for my Higher Education (MBA). At the time of Loan Taking, Bank did not inform us about the Subsidy, for which I was eligible, because my Family's total Annual Income is Less than Rs.4,00,000/- (Four Lakhs).
In 2013, when my Installments was started, I came to know that I was eligible for the Subsidy, then I contacted Bank regarding this.
But Bank refused and said, that "Now Nothing can be done, it should be done at the time of Loan Taking", I requested many times, but they didn't hear me. In April 2013 my Installments were started, but I was not able to pay the same, because my income was very less. I gave application to Bank, to give me some more time for repayment of Loan.
On 17th August 2013, I requested Bank again regarding Subsidy, but the Manager shouted on me, and said that is your responsibility, at the time of Loan Taking, I said, Bank had not informed us, he said I can not do anything. I said I will contact Higher Management for this, Manager said, I would tell higher Management that we informed you, but you failed to give the Income Proof. They were pressuring me for repayment of Loan. Now I came to know that I could give my Family's Income proof till 31st Dec 2013. But due to Bank's irresponsibility, I couldn't give.
My Father expired on 23rd August 2013, now I am the only Earning Person in my family.
I request you to please help me, and give me suggestion, what should I do now.
When My father expired, I went to Bank to take my Loan's Information, at that time he forced me to provide Security, because my father had died. Then I contacted one of my relative who is Manager in SBI, he told me there is no law of providing Security in loan, if it is less than or equal to 4 Lakhs. Then PNB Manager said yes now no need to provide any security, because my relative (SBI Manager talked to him.
Please advise me, what should I do now, is there any way for this problem, can I get Subsidy now.
