Dispute in Education Loan Terms with India's Largest Lender (SBI)
I have availed scholar loan from a reputed bank. Scholar loan is available only to students of premier institutions and the interest rate is low compared to the generic education loan. The bank, very tactfully opened two loan accounts (one with scholar loan and the other generic education loan with higher interest rate). They charged me with generic education loan interest rate (despite me availing scholar loan) and kept the scholar loan account with 0 balance. In my understanding, this consitutes fraud. What legal options can I avail and how to proceed about the same? (Talking to them has proved futile)
This is very unfortunate that SBI has acted in such illegal and criminal manner.
This is illegal and fraud and amounts to cheating !
please file criminal complaint immediately !
In case, the local Police is not registering your complaint then please approach the higher police officers.
If the higher police officers also do not order for the registration of your complaint then please consult good Lawyer and file case in court !
Hope that this helps ! !
Advocate Namitabh KothariFort, Mumbai
It appears that the financial institution has committed fraud upon you. So you have two remedies available you may intitiate criminal action against the concern officer of the Bank as well as you may adopt proper forum for recovery of excess amount recovered from you i.e. civil remedy. But as number of forums are available for different banks and institutions you have to provide the name of the Bank and loan documents to initiate further action.
Advocate Radhika PachporErandwane, Pune
Firstly you have not stated the bank name, as various banks are givern under various enactment. As far as accounts opened n rate of interest are concern, it was your responsibility as you have signed relevant papers for same. Further as Per RBI guidelines you can seek certified copies of both accounts, n then if you disclose any kind of fraud there is process as per Rbi to take action or under act which said bank is registered.
Advocate Pramod KaleDistrict Court, Shivajinagar, Pune
- Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Get Started >>
Answers by Our Lawyers
- consumer case against the electricity board for wrongful extra bill
- muslim divorce by mutual consent
- 90 days completed after resignation but F&F not done yet what to do
- Will made in 2000 & registered in 2016 what will be the validity
- Taking divorce from wife. Am i liable to pay alimony that she wants?