[Resolved]  Indian Bank - Education Loan — Interest rate is high and calculated on compound basis, also no proper services

Address:

Chennai, Tamil Nadu

My name is suriya prakash taken Education loan in 2007 for studies in Indian Bank located in chennai Otteri. I have taken a loan for an amt of INR 1, 35,000.00 where as the interest rate is 14%, but in some Indian bank (Dont want to mention that) the rate of interest is 12% and it is calculated as simple interest. But in indian bank otteri, there are charging the interest rate 14% and they are converting the interest rate in compound. When look in this case.

I have taken Loan for 1,35,000.00

I have already paid 37000.00, as a interest, but they had given me a statement from bank to pay a amount of 4700 for 50 Months, where as it comes to 2,35,000.00

ie, Still i have to pay 2,35,000.00

Where totally it comes to 2,37,000.00

Further, the LOAN depatement service people, are not giving me a proper response and they do no how to assist an individual.

As i have joined in a company, where i am getting a less package and i wil have maintain my family as my dad lost the business.

Kindly help me out on this Problem, as i am not to concentrate on anthing, my 45% of salary is going on Loan. Please, escalate to Central Govt.

Most of the Guys from middle Lower family are suffering a lot.

Please consider, our feelings.

Regards,
Suriya
(Life is short and beatiful)


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