Bank told to pay interest subsidy on education loan, ₹20,000 compensation
The Hindu
A district consumer commission directed Andhra Bank to pay ₹1.14 lakh, the interest subsidy on an education loan, and ₹20,000 as compensation to a complainant. The commission held that the bank was deficient in service for not having arranged the interest subsidy amount to the complainant.
The District Consumer Disputes Redressal Commission – I Hyderabad was dealing with a complaint filed by Nagendra Naren, a resident of Miyapur. The opposite parties were the Assistant General Manager, Andhra Bank, SR Nagar branch, and the Managing Director and Chief Executive Officer, Andhra Bank, Saifabad. The complainant stated that he had availed an education loan of ₹2.20 lakh to pursue B Tech from the Andhra Bank’s SR Nagar branch in 2009. Meanwhile, the Centre had announced an interest waiver scheme on education loans obtained by those with a family income of ₹4.5 lakh per annum. The complainant had applied for this and requested the bank to upload the claim. He also stated that the designated nodal bank for this scheme was Canara Bank.More Related News