State Bank Of India — Problem facing to get Interest subsidy on Education Loan

Address:Indore, Madhya Pradesh

I am a 1st Year MBA student of IIM Indore. I have taken educational loan of 14.5 Lacs from IIM Indore SBI Branch. Prior to joining IIM Indore, I was working with Maruti Suzuki India Ltd. I resigned from my Job on 21st June, 2014 and after that my loan was sanctioned. It was mentioned that to avail interest subsidy the overall family income has to be below 4.5 lacs. In my family other than me my father is working. My personal income from my job was above 4.5 lacs but my father's income is only Rs. 72, 000 per annum. For the current financial year that is Jul, 14 to Mar'15 there is only my father in the family who is earning and his earning is Rs.72, 000/year only. Right now I am not employed and in the coming year also I will remain unemployed as I will be studying. When I contacted Mr. Pankaj Goyal, the former Branch Manager of SBI IIM Indore, that whether I was eligible to get Interest Subsidy, he told me that yes I was eligible and I submitted the required income details of my father in the month of June, 14 itself. In the mean time when I contacted him he told that it was under process and as Canara bank was looking after this so it would be declared after Nov, 14. Recently as there was no news from bank, I went to meet the Branch Manager(New) and he told that I am not eligible and also told that as the loan is already sanctioned nothing can be done at this moment. Whereas I submitted all the documents at the beginning itself in Jun, 14 and the documents are also there in the file which is with the Bank. They are not providing me any justification that why my documents were not processed or even if I was not eligible why I was not informed at that moment. I am facing lot of difficulties because of this. I will be highly obliged if you can kindly look into the matter so that it can be resolved.
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