Canara Bank — repayment of education loan

Address:

Dewas, Madhya Pradesh, 455001

I had taken Education loan of Rs 400000/= (FOUR LAKH) ON 09/08/2011 from Canara Bank.

In the start it was mentioned that the TERM OF THE LOAN AMOUNT WAS 05 YEARS WITH EMI OF RS 8726/= STARTING FROM FEB 2016. I was told that I wouldn't be charged any interest for the period when I am studying and the interest would be charged from February of 2016. I have attached the letter from the bank which states that I was entitled for the above scheme. My father also presented all the required documents to the Loan Officer who was present that time and he ensured my father that I would be getting the respective subsidy.

After getting a job in September 2015, I started to pay my monthly EMI of 8726 from the month of November but in March I got a mail that my monthly installment was 13143 and not 8726. When my father enquired about it he was told that it was a system error and he can pay the amount of 8726 only rest assured of the subsidy.

I found something fishy and decided to check my Loan Account statement and was surprised to find that till then hardly an amount of 6000 had been deposited as subsidy and when I checked with the bank, the manager told he would check and revert back. On checking closely, he found that it was the bank's fault where the person had incorrectly filled the data that the course ended in 2014 instead of 2015. They told that they would reverse the interest that was being charged after checking with their IT-Department but till now no action has been taken. Also, in between an amount of 78083 was charged incorrectly which on close inspection was reversed but the interest for it has not been reversed till now.

Could you please get all the false transactions reversed with the interest for the same as I have been paying my installments regularly and want to finish my loan as soon as possible.

Hoping for a prompt reply.