Indian Bank — pmegp loan complaint

Address:

Naidumangalam, 606802

Good morning! I am suresh. I am long time customer with nadiumangalam indian bank. I asked loan in pmegp laon, based on the manager support, i undergone the training and submitted the training completed certificate on oct-2018. I also have submitted the necessary document for the loan on the following month - november 2018.

Based on the project submitted got an confirmation for the loan amount - inr 25, 00, 000. Bank asked me to submit the collateral for the total loan amount value. I have given an property worth of inr 15, 00, 000 according to indian bank panel valuation. For the balance amount of inr 10, 00, 000 is been deposited in fd and collateral document is submitted with bank in april-2019.

I have deposited my share contribution of inr 1, 25, 000 with bank.
After continuous follow up i got my first loan amount of inr - 7, 62, 000 for purchasing the machinery. Machinery reached company in the last week of may 2019. I have been requesting manager for releasing the amount for purchasing the raw material as quote already submitted with bank.

As manager advice started the construction first and received a partial payment for total inr 5, 00, 000 and for accessory - inr 38, 000. I requested the pending payment for completing the construction (Inr 3, 00, 000) and got an shocking reply from manager as "already more amount given, to get the remaining amount i have to start run the company and maintain the credit and debit in current account"

As the final step, i borrowed money for purchasing small quantity of raw material locally and run the company and deposited the amount sold in current account. I have been chasing the manger for plant inspection and next step action on releasing the pending payment. Everyday i am getting the
Same reply and no actions so for.

I have even escalated to tiruvannamalai nodal office on last week saturday and they agreed manager will visit the plant today. But nothing happened.

I am completely fed-up and started the escalation. Could you help on this at the earliest possible to avoid the losses in the orders. Also i am not getting proper response on the emi amount and schedule to start the payment.
For the kind and final information, subsidiary of inr 8, 75, 000 is already credited in the account 45 days before.

Thanks

Md suresh

Note - attaching the complaint i submitted to branch.