[Resolved]  Iob Bank — central government educational loan interest subsidy scheme

Address: Tirunelveli, Tamil Nadu

I am Ravi from tirunelveli. I am a B.E graduate. During my studies I applied Education loan for Rs 1, 86,000 from Indian Overseas Bank (IOB), Manur branch (Branch code: 0745), Tirunelveli district. I received the loan amount of 62,000 for my 2’nd year fees on 11.07.2008, 3’rd year fees of 62,000 on 11.7.2009 and the final year fees of 62,000 on 2.6.2010 respectively. I have paid the interest amount for the loan of Rs 1, 24,000 provided to me during my 2nd and 3rd year fees on monthly basis. But I have not yet paid interest only for my final year fees of Rs 62,000 because of Central Government’s announcement of Educational Loan interest subsidy scheme. Now I have completed my course.

One week before I went to the bank for repaying the loan amount, but the bank is still demanding me to pay the interest for Rs 1, 86,000. When I asked them for the reason they said that the interest for education loan is not calculated by them, but by the system itself and I am supposed to pay interest along with the loan amount. They have calculated (Interest+ Loan) amount totally to be Rs 2, 17,000 upto 27.06.2012. So I kindly request you to give me proper guidance to solve this problem.

With this I have attached my Education loan statement along with the amount of interest paid.
Details:
Branch code: 0745, .
Loan acc no : [protected],
Scheme : Vidyajothi Education Loan.
Contact : +91-[protected]
Mail : ravi.[protected]@gmail.com