- This topic has 50 replies, 32 voices, and was last updated 1 year, 2 months ago by
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PHey everyone, just wanted to share what I’ve been going through with Indian Bank.
I’ve been paying my education loan EMIs regularly, but the bank has been deducting more than the agreed amount for months. Even after they claimed my account was “standardized” and would be reflected in my CIBIL report, nothing has been corrected. My CIBIL score is still badly affected, and I can’t even apply for a loan because of it. Also the bank has added Extra money to the Principal stating it as interest, it’s a big sum that got added.
To make things worse, I’ve been getting calls from bank staff asking me to withdraw the complaint I raised with RBI. No real resolution, just pressure to drop the issue.
This has been mentally exhausting and financially damaging. I’ve already escalated it to RBI with all supporting documents, but I’m still waiting for action.
Has anyone else faced something like this? What did you do? Did you get reply from RBI?
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UDon’t withdraw the complaint. Whenever the bank staff contact you tell them to send an email. And cut the call
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SRecord them all ,and tell them personally if they call you again to harass you ,you will make sure that that person will not have a job by the end of the month.
These losers are all bark and no bite. Threaten them back. Take no shit from these runts.
P.S. a fellow survivor of the education loan scam
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UNAL. Just tell the Bank employee that you are recording the call and would submit the same with RBI. They would stop harassing you and start resolving the issue.
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KNot a lawyer
>I’ve been paying my education loan EMIs regularly, but the bank has been deducting more than the agreed amount for months.
Is it a floating interest rate ? Did the interest rate go up leading to an increase in tenure? Did you opt to keep the tenure same and so the bank increased the EMI amount?
>Also the bank has added Extra money to the Principal stating it as interest, it’s a big sum that got added.
If you mean principal got increased – that is not how a loan works. If you mean you are expected to pay back principal + interest – surprise surprise ! That’s how a loan works. Again did your interest rate change?
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PThe interest rate is around 12% per annum and hasn’t changed. Due to a backend error, the bank only deducted principal as EMI for a year without charging interest. Later, they added ~40% of the principal as interest, increasing the outstanding unfairly. Even worse, they marked my loan as unpaid in CIBIL for that period despite EMIs being auto-debited every month. Now they’re pressuring me to withdraw my complaint.
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MDo it yourself na. It’s a pretty simple class 7th formula. Will give you total amount. Ps: the interest on education loan starts the moment you withdraw the money from the loan account to either your account or your college’s account. Over the period of my 2 years of masters, my education loan amount increased from 32L to 38L. Yeah, I also thought that they’ll start the interest after 2 years but it doesn’t happen that way.
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NDon’t withdraw the complaint at any cost. Any people calling on behalf of the bank to discuss the issue ask them to give it you via email or through writing. Don’t worry about the cibil once the issue clears out then you can request via an email to the cibil for the discrepancies which can be fixed.
Good day -
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CSend those call recordings as a follow-up to your ombudsman complaint. Don’t forget to write long text along with it
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MMake a compliant in Consumer Court Online. Everytime I complain there, the bank Manager come to my home & even call me at 9:45pm.
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SSomething similar happened to me as well. I had taken an education loan for two years MBA. The paperwork was very clear on the two year course. The bank somehow marketed as a one year course on their system. At the end of first year, they started marking my account as default. It took me four months and to request for further disbursement for them to realise their mistake, but they never corrected my credit score.
I realised after a couple of years. I raised multiple complaints with the branch and the bank, but no one cared. The worst part was my father was a retired bank employee from the same bank, but they never help. The branch manager was his friend who suggested we raise a complaint with RBI and was very clear that the higher officials will call and request to withdraw the complaint and promise that they will help but to not fall for it.
Once I raise the complaint with RBI exactly that happened, there were some very senior employees who were suddenly interested in helping me and assuring me that they will take care of the issue, but I have to first withdraw my RBI complaint. I refused. I said I have raised multiple complaints with the bank, and yet it was not resolved. Why should I trust you Then they started calling my dad to pressure me into settling this issue and withdrawing the complaint, but he just said it is not my problem. You can deal with my son on his own.
A few more calls and finally, they realised I was not withdrawing the complaint so they immediately started working on the same and got it changed . The RBI ombudsman complaint is the only weapon you have. If you surrender it. Your issue will never be resolved. Let the complaint remain and RBI will follow up with them and get it done.
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BThe bank had imposed mandatory insurance on my home without my consent and added the cost to my home loan. Despite following up with the bank for two months to cancel the insurance, no action was taken. I then filed a complaint with the RBI, and within a month, the insurance was canceled, the amount was refunded to my loan account with interest, and my CIBIL score was corrected.
So don’t withdraw it may take some time but the issue will get fixed-
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IHi this also happened to me since the insurance for loan was detecting from my another savings account i didn’t maintain balance to pay and not using the account.Does this affect my on going personel loan i’m paying correctly without any delay and there is no call or something from bank regarding insurance only the insurance company is calling
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Cput phone on DND and activate silence unknown call.
let them call 100 of times. and dont withdraw complaint
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IDon’t take the complaint back.
File RTI to know answers.
My education loan was with BOI they didn’t fully credit the subsidy amount, On reddit I found some website to know the eligible subsidy amount and it was way higher than what they deposited (they credited 1000 and I was supposed to get 35000 more). I filed an RTI and complained to the bank and as usual the bank staff were unaware about the amount.Auto deduction was there on my account for EMI they deducted one day late, I was having sufficient balance and it impacted my CIBIL.
Both got resolved only through the RBI ombudsman.
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MRBI Ombudsman is utter waste of tIme bro…
They don’t do anything clearly. I personally experienced three times with major complaint. But nothing happened…Don’t trust RBI. consult Good consumer court advocate & escalate the problem with him.
Send a legal notice to Branch…
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SIf anyone calls from the bank tell them to send you a mail that includes your past date of complaint you have made at the bank and what responses or measures they have taken towards resolving your query. And also ask for what is interest rate when you opted while taken the loan and now that is reflecting in your statement. ask them to mail from official mail id only. Record all the calls.
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