Hi everyone,
We took an education loan of ₹32 lakhs for studying abroad. The bank asked us to submit all the required documents, which we did — except for the TT copy. The TT copy basically shows when (and if) the tuition fees were paid to the college. If the fees haven’t been paid, the bank directly sends the money to the college; if it’s already paid, the bank reimburses that amount to us.
Now, our immigration agent told us that he had already paid the fees and would send us the TT copy soon, so that we could show it to the bank and get the amount disbursed. However, it turned out that he hadn’t actually paid the fees at that time. He kept delaying for almost three weeks, saying he would send the TT copy soon.
We pressured him a lot, saying we wouldn’t pay him any service fees until we got the TT copy and the bank disbursed the loan. Meanwhile, my brother had to fly abroad because the flight date had arrived. The agent finally gave us the TT copy, but it showed a very recent date — meaning he only paid the fees that day.
When we submitted that TT copy to the bank, the bank staff noticed it was a recent payment and said we had lied about it being paid earlier. The TT copy was for around ₹3 lakhs. The bank disbursed ₹24 lakhs but withheld ₹7.9 lakhs, saying they wouldn’t release it because of the false information. We told them to just cancel that remaining amount and reduce the loan to ₹24 lakhs, but they still haven’t done it.
It’s been over a month now, and they’re saying they will also charge interest on that ₹7 lakhs, even though it was never disbursed.
Now, I have a few questions:
Edited by ChatGPT just for grammer and good explanation 🙂
We took an education loan of ₹32 lakhs for studying abroad. The bank asked us to submit all the required documents, which we did — except for the TT copy. The TT copy basically shows when (and if) the tuition fees were paid to the college. If the fees haven’t been paid, the bank directly sends the money to the college; if it’s already paid, the bank reimburses that amount to us.
Now, our immigration agent told us that he had already paid the fees and would send us the TT copy soon, so that we could show it to the bank and get the amount disbursed. However, it turned out that he hadn’t actually paid the fees at that time. He kept delaying for almost three weeks, saying he would send the TT copy soon.
We pressured him a lot, saying we wouldn’t pay him any service fees until we got the TT copy and the bank disbursed the loan. Meanwhile, my brother had to fly abroad because the flight date had arrived. The agent finally gave us the TT copy, but it showed a very recent date — meaning he only paid the fees that day.
When we submitted that TT copy to the bank, the bank staff noticed it was a recent payment and said we had lied about it being paid earlier. The TT copy was for around ₹3 lakhs. The bank disbursed ₹24 lakhs but withheld ₹7.9 lakhs, saying they wouldn’t release it because of the false information. We told them to just cancel that remaining amount and reduce the loan to ₹24 lakhs, but they still haven’t done it.
It’s been over a month now, and they’re saying they will also charge interest on that ₹7 lakhs, even though it was never disbursed.
Now, I have a few questions:
- How can the bank charge interest on an amount they never disbursed?
- Should I contact the RBI Ombudsman about this issue?
- What’s the best way to handle this situation?
Edited by ChatGPT just for grammer and good explanation 🙂
