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MAbbey Gandu… There is a time and place to pass judgements. If you can’t suggest something good, just don’t post anything.MYes, the receipt has the stamp but not the signature of the counter clerk as you have mentioned.
You will find such blank stamped receipts in abundance in the crowded banking halls.
MCongratulations.I may be wrong, but why invite all the inconveniences for your daughter in the future with changing the name as per your/spouse’s wish?
If your daughter wants to, she can do it legally when she is an adult.M1. Insurance covering the loan isn’t mandatory. Banks usually waive it off on the borrower’s insistence.2. Recalling the loan is the Bank’s call. Education loans are usually given jointly in the name of students and guardians. In this case, maybe the guardian died and the bank didn’t want the student’s study to suffer and decided to continue the loan.
3. Guarantor is equally liable for the repayment of the loan. Banks also can approach the Guarantor directly, without making any recovery efforts from the borrower.
4. Only after the interest/principal moratorium ended *(course period of whichever degree that was being pursued + 6 to 12 months)*, the repayment becomes due. The loan must have become NPA during this period, and exercising SARFAESI is well within the Bank’s rights.
5. There are no apparent service deficiencies, as prompt repayment/pre-closure of the loan was as much as the responsibility of the borrower/guarantor.
6. After the OTS settlement, Bank would have no issues in releasing the mortgage.
7. Bank Manager isn’t threatening you. He is merely following the recovery procedure.
You may approach any tribunal, as per your understanding of the case but since the OTS amount is already paid it is advisable to not spend any further time and effort on this.
