Remedy in case bank misguided in giving education loan
02-Oct-2023 (In Banking / Finance Law)
I applied in a national bank for edu loan of Rs 20 Lakh. My brother a doctor in UP government has his salary account in the bank. Bank manager assured us to give a loan. I submitted papers on 8th August, then lawyer asked 4 more documents and said that there is no problem with the property if you'll be able to submit more documents. I clearly told the manager that I have to attend my college on 2nd October hence I need your decision very early to start my visa and other processes. He ensured that loan will be approved if we complete 30 years chain of property. When I did it he informed us on 28 September that your loan rejected as your property is in Laldora. When I first submitted the documents on 8th August with the chain of last 13 years of property, why he and his lawyer did not tell us at that time that our property is in Laldora and misguided that we will get loan if we complete 30 year chain. Now my admission has cancelled and I am jobless as I resigned from job to join program
You can certainly seek to raise a claim for legitimate expectations and damages for harming your career. However, a bank may not be obliged to grant you a loan on a mere application. Did the bank issue any in principle approval letter etc.?
The documents you provided to the bank is just a part of fulfilling the need of application and thereafter the bank is further investigate and analyse the detail of each documents with the norms of bank after wards bank wil come to the conclusion of whether loan is sanctioned or rejected, If your property come under laldora then it might not Fit in the norms of the bank
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