Punjab National Bank [PNB] — Margin money for studies abroad

Address:	400101
Website:	www.pnbindia.com

Studies abroad loan a/c. no. 175600jb00000384 favouring ms. manjusha ray at bo: goregaon (e), mumbai. pnb granted rs. 23.54 lacs against applied loan amount of rs.34.94 lacs against mortgage of our house in mumbai valued rs. 1200 lacs (evulated by banks' evaluator) and one guarantor (her father, yogendra ray). ms. manjusha ray (borrower, student) is daughter of neela ray (co-borrower), working as manager at bo:goregaon (e) of pnb, mumbai. when we asked about the margin money, the bank assured that it will be 15% only as given in bank documents and shown on bank's website. ms. rashmi bindra, sr. manager, bo-goregaon (e) gave us relevant documents, without details like loan amount, margin money filled in, to get stamped and signed by concerned personnel e. g. the borrowers, guarantors and return to them. the loan order details given by the bank did not mention student health insurance plan and we requested the bank in writing along with the actual fee receipt paid by to amend the loan order to include the insurance also. ms. rashmi bindra took the application and promised to get the amendment done. after we submitted the invoice to ms. rashmi bindra in july, 2016, she made the payment after deducting margin money at 32.63%. on enquiry, she stated that we had accepted the margin money by signing the loan documents. our daughter is doing her ms, computer science at rutgers, new jersey. ms. rashmi even marked the email concerning the dispute to her. matter has been brought to the notice of the branch - in-charge, credit department, circle office mumbai suburb gunjan gupta, sr. manger. both are adamant and forcing us to accept the margin money of 32.63% and take the payment accordingly. the nationalised bank and its officials do follow certain guidelines they have made and do not act arbitrarily. we are planning to make a written complaint to the circle head, cmd and the finance minister as well. but seeing the present atmosphere in country, we might be hoping against the hope and must be ready for a prolonged battle with this unjust, illegal and anarchic act.