Indian Overseas Bank — Educational loan - CSIS subsidary benefits not offered

Address:

Coimbatore, Tamil Nadu

I have availed an educational loan with IOB pollachi branch - VJEL No :[protected] on[protected]. The interest rate was 12% P.A. the repayment of the loan to start from Aug 2011, the installment being Rs. 3850/- Per Month. On completion of the course, I have been repaying the installment regularly every month. But to my surprise, I noticed a debit of Rs. 22609/- during March 2014 being short interest debited. From that date, the loan becomes overdue and overdue interest being charged every month. As per the contract, the interest applicable is only 12% P.A. but the statement received from the branch shows a rate of 15.5% which seems to be abnormal. I request you to please reverse the interest rate and re credit the excess of Rs.22609/- As per the directive from the Government of India, the repayment of all the educational loans has been rephrased and is to be repaid in 120 months. I once again request you to rephrase my loan installments to 120 months instead of present 60 months. I came to know from the banking circles and from the government of India notifications that all the educational loans are eligible for “NEW CSIS SUBSIDY” the interest rate debited during study period of 48 months is to be waived or written off. I think I am very much eligible for the same. Even in your pollachi branch almost all my friends who availed educational loans have been given the NEW CSIS subsidy. I don’t know the reason why I have been singled out and deprived off the benefits eligible for a borrower who is promptly repaying the loan. I have made several requests to the branch authorities to make me eligible for the CSIS Subsidy claim, but till date nothing has been materialized. Under the above circumstances, I request your good selves to grant me the three eligible considerations which will be very helpful for an eligible and promptly repaying borrower like me. 1. Re credit the excess charged to my account on 31.03.2014 of Rs.22609/- 2. Re phase the loan installments and re fix the same to 120 months. 3. Credit the New CSIS Subsidy to my account for which I am eligible. In this regard, I have already written two complaint letters to the following addresses, 1. The Chief manager, Indian Overseas Bank, Pollachi. - Complaint sent on[protected] 2. Retail Banking Department, Head office, Chennai. - Complaint sent on[protected] 3. Customer Service Cell, Head office, Chennai.1 - Complaint sent on[protected] 4. M/S Office of the Banking Ombudsman, C/O Reserve Bank Of India, Fort Glacis, Chennai - Complaint sent on[protected] Please be informed no action on my complaint have been taken yet. This creates much stress on a prompt payer like me for whom the bank gives no leverage on available benefits whereas others who don't repay has got these benefits. I would request you again to please take quick action on my complaint herewith and make my experience with IOB bank as a pleasure one. Thanks and best regards, Vishnuvardhan HP: [protected] Email: vishnu.[protected]@gmail.com