We took an education loan from SBI a year ago for ₹4 lakhs. We’ve been struggling financially and couldn’t repay the loan. We did manage to pay ₹30,000 in interest towards the loan. However, without any notice, SBI deducted ₹50,000 directly from our personal savings account, which is not connected to the education loan account. How can this happen? Is there any legal recourse for us to get this amount back?

Apni Law
Apni Law
Law Forum › Category: Banking / Finance › We took an education loan from SBI a year ago for ₹4 lakhs. We’ve been struggling financially and couldn’t repay the loan. We did manage to pay ₹30,000 in interest towards the loan. However, without any notice, SBI deducted ₹50,000 directly from our personal savings account, which is not connected to the education loan account. How can this happen? Is there any legal recourse for us to get this amount back?
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Apni Law Staff asked 2 years ago

We took an education loan from SBI a year ago for ₹4 lakhs. We’ve been struggling financially and couldn’t repay the loan. We did manage to pay ₹30,000 in interest towards the loan. However, without any notice, SBI deducted ₹50,000 directly from our personal savings account, which is not connected to the education loan account. How can this happen? Is there any legal recourse for us to get this amount back?

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Best Answer

Apni Law Staff answered 2 years ago

SBI’s action of debiting ₹50,000 from your savings account without notice is likely illegal under Indian law, as banks generally require explicit authorization before debiting linked accounts. You can seek legal recourse by sending a formal complaint to SBI and the Banking Ombudsman.

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