Consumer Redressal

Dear Sir / Madam, I had taken an education loan to pursue higher studies in engineering from BANK OF INDIA, Ambala Cantt in 2010. While applying for the loan, we had consulted with the Manager of said bank regarding the subsidy offered in education loan with respect to notification issued by the Govt. of India. We had shown the document bearing the subsidy details on education loan to the Bank Manager. But, the manager disagreed and refused to entertain such grant. As we were needy for the loan, we accepted the said Bank’s conditions. I belong to an economically weaker section and my family’s annual net income is 1.80 lac PA . As per the notification issued by the Govt. of India, one can get the subsidy on education loan if the recipient’s family annual income is less than 4 lac PA. Since my family’s annual income is less than 4 lac, I am entitled to get the subsidy on education loan. Since, we have been cheated by the bank, please look into the matter and penalize the defaulter.