[Resolved]  State Bank of India — Non consideration of my Daugthers' Education loan of Rs.4L for MBA Studies in US Varsity

Address:

Hyderabad, Andhra Pradesh

I have been in living in Khairabad, Hyderabad in the present accommodation for well over 4 years and as per SBI guidelines for Education loan, I approaced the nearest SBI branch for my daugther's education loan. I have a savings a/c bearing No.[protected] which I have opened nearly 34 years ago. Intially the response was good and myself and my daughter have filled in the complete and submitted the the necessary documents. After scrutiny, they told me that for loans more than Rs 4 laks i should bring a guarantor as iam retired from service on 31.01.2014. My daughter's MBA is a collabrative programme with JNTU, Hyd agrred with Central Michigan University in Michigan State.USA, wherein the first year is to be completed in India under JNTU and the second year to be done at CMU, Michigan. All the 20 students admitted under this programmed are etended with In-State fess.By which the Tuition fee comes around$ 14000/- and the living expenses at our actuals. As I could not bring in a guarantor, I have decided to meet the expenses from my retirement and other means and to take Rs. 4 Lakhs as education loan from SBI. Accordingly, I sent my daughter to US as her classes are going to commence wef 20th August. Before her leaving India, when we approached SBI, Khairatabad, Hyderabadto submit the filled in application form, they saw my CIBIL document Score, which is morethan 90%. However, they refused to accept the application, as I have settled various Credit Card accounts during 2010. This they objected. I tried to convince them that, as could not settle the Cards Dues running into so many laks, i requested all of them for settlement, as my minimum card payments of 5% of card dues will not enable me to settle all of them even with my retirement benefits. All of them accepted and all the card payments were settled at that time.I did not deceive them. But the Dy Manager and the Chief Manager of the branch did not accept my reasoning. What they maintained was that they can not accept settlement cases for loan. I even offered non- encumbered original documents on my HDA allotted Shamshabad ready built house and an open plot on my wife's name for security, the combined market value wil be more than Rs 15 laks. But they did not here me. Now I fear about my dauther's cmpletion of studies without this education. Other Banks refused to entertain as I do not have customer relationship with them. Kindly sort out my problem. Yours Truly R.Keerthi vasan [protected]