NSC-backed loan, paid stamp duty, and now the bank is delaying/denying it despite earlier assurances

[User_e5532947]

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User_e5532947
PARTICIPANT
March 4, 2025 at 2:24 pm

I applied for a loan against my NSC with a bank. During the process, I was assured that the loan would be approved, and I even paid stamp duty charges as part of the paperwork. However, now the bank is delaying and seems hesitant to process it, citing reasons they didn’t mention before.

I would like to understand:

1. Can a bank legally refuse an NSC-backed loan after charging stamp duty?

2. If they deny the loan, how can I ensure a smooth and quick return of my NSC?

3. Do I have any rights or options if I feel misled by the bank’s representatives?

Any guidance on what steps I can take next would be greatly appreciated.

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[Ashishmaster940]

A

Ashishmaster940
PARTICIPANT
March 6, 2025 at 6:16 pm

Banking ombudsman

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