I have been sanctioned Rs. 4.00 lacs as personal loan for meeting the expenseds of my daughters higher studies in foreign country. Since educational loan having more complication and not a easy process, first I applied for personal loan for meeting urgent requirements. The loan was sanctioned on 24.3.2011 and immediately after the loan transferred to my account an amount of Rs. 8500 has been deducted from the same. I think the same is first instalment . then the money was not utilsed immediately on 31.3.2011 they again deucted Rs. 9450/- after updating my pass book I was shocked that Rs. 8500/-deucted immediately after giving loan is the charges for sanctioning Rs. 4.00 lacs. I was taken loan from a nationalised bank and is there any approval by RBI for charging these huge amount as processing fee etc if not kindly advise me what to do with this amount. I was not approcahed the bank because of not knowing the actual RBI guidelines. The same is applied to my friend also who has also takne loan alongwith me
My friend was taken loan from another bank, who has paim only Rs. 1000/- towards bank charges fo r loan. My bank is taking 2% plus service tax
pl advise what to do
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