Hi,
My husband has an education loan of INR 3, 13, 000 from Central Bank of India, Samastipur.
He has been repaying the loan at 7000 per month since the last 3 yrs and still the amount due in passbook shows rs 2, 82, 000. How can it be possible?
On looking into the passbook we found that the bank has been using the installment for just the principal repayment, till 3 months back. 3 months back they have suddenly added a lumpsum interest of 1, 42, 000 to the loan. Is it possible? As per my understanding, from the beinging of the loan payment itself, a certain part of repayment goes towards principle and other to interest. The way Central Bank has been deducting the loan repayments, the loan is never going to be repayed. Are we being cheated? What action can we take in such a case? Please help us out. I am really surprised at the way these banks operate, feeling cheated and loosing my trust in such reputed organizations
regards,
Neha
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