Hi, myself Kuntal and have a query regarding my Education Loan.
I had taken an education loan of Rs. 2,10,000 (@9.5% floating rate, 60 MONTHS) from a nationalised bank and it was required to repay from AUG-2009 but I started repaying from AUG-2010 (As I delayed 1 year and seeing my condition then, branch manager agreed upon to take quarterly instalment of around Rs.18,400 appx. ). Till DEC-2013 I have repaid 2,10,000 (having irregularities of Rs 3000 appx. per quarter i.e almost 13 * 3000=39000 not paid , given that till DEC-2013 it would have been then 2,49,000 repaid ) but now as of bank statement still I have an outstanding of Rs. 1,70,000 causing current EMI to be of Rs. 7000 to give till balance closes.
Please help me to understand how bank is deducting money and whether bank is wrong somewhere? , for your information, the bank currently imposes a rate of 12.25% on education loan.
