If you don’t pay EMI bank would take recovery proceedings against you to recover loan amount with interest
2) if bank has not adjusted subsidy till date complain to bank ombudsman
3) also raise issue with PMO office
Educational loan
Loan amt:10lakh(2.5lakh per annum for 4 yrs) Course:Btech Vit University Surety:land hypothecated by bank Bank:city union bank First two yrs paid around 1.8lakh against principal.later we applied for interest subsidy which the bank had erroneously posted as 1lakh in canara bank portal instead of 10lakh.I approached PMO , they sorted out the issue and both bank and Ombudsman sent letters stating the interest till june2018 neednot be paid.So from july2018 we started paying our EMI Rs.13334.(this amt was told as our EMI by our bank). *I have paid 4months EMI till oct2018 but the bank has not adjusted the subsidy till date. *As per system generated msg EMI is Rs.13334. *As per Bank ledger it is Rs.42476. *As per my EMI calculation it is 24000. Please let me know what would be the consequences * if i don't pay the EMI for another 2-3 months as Iam waiting for the bank to make adjustment in their books. *Will the bank attach my property hypothecated. In case if the bank doesn't make any changes how to proceed further.
Asked 5 years ago in Civil Law
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10 Answers
Dear Client,
Defaulting EMI`s not advisable. IF figure is wrong in bank records, complain about it. All you need is to keep record of payment made.
See bank can issue notice to you and can proceed against you in court so before that give bank a notice to declare actual EMI amount and adjust subsidy and give statment of same.
Please don't make a hurry continue to pay what EMI you are paying but drop a letter to the bank by registered post that the facts you have mentioned in the post so that it may be used further as EMI decided at the time of taking loan and for the years to pay or joining of service after completion of the job and period is within 06 Months or may pay earlier.
It appears the loan has been restructured and if that is so then it is up to you whether to accept it or not.
You have taken the loan and you are bound to repay it.
So if the loan is restructured for repayment then you better accept it unless after negotiation you can get better deal.
If it is banks fault then they will not attach. Even if you pay your EMI you can get the refund with interest for the same if any discrepancies are observed
The subsidy is paid under which scheme?? The procedure is that the bank raises a demand with the department under which the subsidy is applied for and then the subsidy is paid to the bank which it adjusts.
In your case and in many others banks do not demand subsidy from the department and hence they dont get it and in the end the customer ends up paying it.contact the bank officials and file a writ petition in the hc in case they are non responsive.
Regards
Dear Sir,
Instead of keeping quite and making email correspondence it is better for you to get issue a legal notice and also a complaint to ombudsman in respect of non adjustment of interest subsidy. It is nothing but manipulation of records as such it invites criminal offence and please let the bankers no about the consequences.
You must take up the matter urgently with Bank in writing that "you are willing for one time settlement or you need more time for paying EMI and till the time no action to be initiated by the Bank". thereafter, you must negotiate with the Bank and mutually decide time of one time payment or Emi Payment.
Before the bank is initiating any action ion it you may get into the action and rectify the error.
You have still time to get the things corrected at this stage instead of suffering over it at a later stage.
