My mother took out an education loan of ₹3 lakh for me in 2011 and ₹4 lakh for my sister in 2012. The bank manager later informed her that she hadn’t provided security for the 2011 loan and needed to submit it for both loans. She deposited ₹10 lakh in a MIS account, allocating ₹4 lakh for the 2011 loan and ₹6 lakh for the 2012 loan. We’ve recently been told that the entire security deposit is only for the 2012 loan. What legal options do we have to release the security deposit and repay the 2011 loan?

Apni Law
Apni Law
Law Forum › Category: Banking / Finance › My mother took out an education loan of ₹3 lakh for me in 2011 and ₹4 lakh for my sister in 2012. The bank manager later informed her that she hadn’t provided security for the 2011 loan and needed to submit it for both loans. She deposited ₹10 lakh in a MIS account, allocating ₹4 lakh for the 2011 loan and ₹6 lakh for the 2012 loan. We’ve recently been told that the entire security deposit is only for the 2012 loan. What legal options do we have to release the security deposit and repay the 2011 loan?
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Apni Law Staff asked 2 years ago

My mother took out an education loan of ₹3 lakh for me in 2011 and ₹4 lakh for my sister in 2012. The bank manager later informed her that she hadn’t provided security for the 2011 loan and needed to submit it for both loans. She deposited ₹10 lakh in a MIS account, allocating ₹4 lakh for the 2011 loan and ₹6 lakh for the 2012 loan. We’ve recently been told that the entire security deposit is only for the 2012 loan. What legal options do we have to release the security deposit and repay the 2011 loan?

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Apni Law Staff answered 2 years ago

You can approach the bank with a written request, citing the agreement made regarding the security deposit allocation. If they refuse, you can file a complaint with the Banking Ombudsman or seek legal recourse in a consumer court, arguing that the bank’s unilateral change violates the initial agreement and the principle of good faith.

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