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Dispute in Education Loan Terms with India's Largest Lender (SBI)


28-Jul-2023 (In Recovery Law)

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)

Answers (3)

Answer #1
995 votes
Sir, 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. Regards
Answer #2
501 votes
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. Regards.
Advocate Radhika Pachpor

Adv. Radhika Pachpor

LawRato Pune | 5+ Answers
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Answer #3
739 votes
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 Kothari

Adv. Namitabh Kothari

LawRatoMumbai | 25+ Answers
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