Education loan repayment
I took an education loan for 1.28 lakhs from SBI for the period 2005 -2009. For my four years of studying, each year got Rs. 28000 and after the course was completed, I was able to deposit loan amount regularly as I had not taken up any job.
In 2010-2011 my outstanding loan amount was Rs. 1,58000 and I deposited Rs. 35000 single payment as per bank manager's instructions, for reduction of interest upto that date and then they instructed to me to pay Rs. 2050 per month as 46 month instalment basis. As per bank instruction I deposited Rs. 2050 regularly for 8 months. Hpwever, in between I was not able to deposit loan amount as For 1.2 years.
Then, they asked me to repay the loan with penalties of Rs.3200 for one year. I deposited that penalty with regular instalment. Unfortunately, there was again a 2 month delay in payment. Thereby my previous interest benefits were canceled by the bank and my account was transferred to Reliance. Now I got letter from Reliance that I must pay Rs. 1,88,000.
I have deposited Rs. 68000 till now.
In this issue what kind of steps should I take?
Thank you for your time.
A customer can visit the bank and meet the officials to sort out the issue . Banks have a dedicated toll-free customer care number, which you can use to lodge your grievance and get a complaint ID. You can also register a complaint on the bank's website.E-mails can also be sent to the service quality department in public-sector banks. This is an exclusive unit dealing with customer grievances and headed by an executive of the rank of general manager. The complaints posted directly on the bank's website are also resolved by this department. Once the complaint is lodged, the customer needs to wait for 30 days for the bank to offer a solution or give a suitable reply.
2. APPROACHING THE RBI APPOINTED OMBUDSMAN-
If your bank does not address your complaint within a month, you can approach the banking ombudsman. This is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in banking services, as per its scheme introduced in 1995. All scheduled commercial banks, regional rural banks and scheduled primary cooperative banks are covered under the scheme. So far, there are 15 ombudsmen, whose offices are located mostly in state capitals. Their addresses and contact details are available on the RBI website. The ombudsman tries to effect a legally binding settlement between both the parties within a month. However, if a settlement is not possible, it will pass an award after allowing both the parties to present their cases to him.
Deficiency in service with respect to loans and advances, say, delays in sanctioning/disbursing loans and non-acceptance of loan applications without a valid explanation, etc are valid grounds for complaint. For a complete list of the types of complaints you can take up under this scheme, visit rbi.org.in/scripts/FAQView.aspx?Id=24.
You can put it down on a plain paper, send an e-mail, or fill the complaint form on the RBI website. There are no charges for filing a complaint. The ombudsman can reject a customer's complaint if he has not approached his bank for grievance redressal first, or if the subject is pending for disposal, or has already been dealt with at any other forum, such as a court of law or consumer court. Also, the complaint will not be considered if more than one year has passed since the customer has heard from the bank, or 13 months since the date of representation to the bank.
3. LEGAL ROUTE-
If you are not happy with the settlement offered by the ombudsman, you can file an appeal before the appellate authority within 30 days. The appellate authority in this case is the deputy governor of the RBI. Alternatively, you can approach consumer redressal forums, which take up bank-related complaints, or even the courts.
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