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SBI ceased savings account on non payment of loan what can we do
14-May-2023 (In Banking / Finance Law)
Dear Sir/Madam, We have bought education loan from SBI, before a year. We are not in a situation to repay it now. We borrowed 4,00,000 and paid little interest amount of Rs.30,000 in ETL account. After that without any notice SBI ceased Rs.50,000 and made net hold to our personal account, but that too SBI savings account not an ETL amount. This personal account has no connection with that education loan account. How is this possible? Can we recover this amount legally? Kindly give me a solution.
Hi
You have a responsibility to pay back the loan. That said, it does not give the SBI right to have a lien over the savings account. If the education loan agreement mentions that in the event of default of payment SBI shall have a lien then u don't have a case. However, if it is not mentioned, then u can go to consumer court for deficiency of services, compensation and mental agony with a prayer also to defreeze u r savings account.
Pratap, Advocate
You have a responsibility to pay back the loan. That said, it does not give the SBI right to have a lien over the savings account. If the education loan agreement mentions that in the event of default of payment SBI shall have a lien then u don't have a case. However, if it is not mentioned, then u can go to consumer court for deficiency of services, compensation and mental agony with a prayer also to defreeze u r savings account.
Pratap, Advocate
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Adv. Pratap Kumar
Bangalore | 200+ Answers
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