Date – 31.01.2022

SRI  SWADES  RANJAN  RAY

                                 President

It appears from the record that the complaint case filed on 02.02.2021 and Opposite Party / Central Bank of India appeared on 01.04.2021.  Thereafter, remained absent on 18.05.2021 and 29.07.2021.  As a result, this Commission show caused the Opposite Party on 16.11.2021.  Inspite of show caused, Opposite Party remained absent.  As a result, this complaint case proceeded ex parte against the Opposite Party.

Fact of this case, in short, is that the Complainant No.1 applied vide application dated 26.07.2014 to the Bank for Education Loan of ₹1,75,000/- (Rupees One lakh Seventy Five thousand only) as per the terms and conditions setforth in the Scheme for Cent Vidyarthi Education Loan which was sanctioned on 20 day of August, 2014 by the Opposite Party. 

In the said course it was specifically written in the paragraph 4 of the loan agreement, it is stated that “the said loan shall be repayable by the Borrower within 12 months after the completion of the course for L.L.B. which the loan is given or 6 months after the co-borrower secured an earning job, whichever is earlier by yearly/half yearly/quarterly/monthly instalments each of ₹2,072/- (Rupees Two thousand  and Seventy Two only).

That in particular point No. 14 as repayment holiday moratorium.  It is specifically written that repayment will be made after course period + 1 year or 6 months after getting job, whichever is earlier, and in particular point No. 5 it is specifically written that the loan period is of 180 months, EMI amount is ₹2,072/-, holiday period amount is nil.

That according to the sanctioned letter an Agreement for Education Loan it is specifically stated that loan has initiated from 20.08.2014 and according to those documents the tenure of the said Education Loan will be 180 months i.e. 15 years from the date of commencement of loan and the fixed repayment monthly instalment of ₹2,072/- per month for 180 months and according to the said documents the tenure of repayment of such loan starts from September, 2020 against the monthly instalment repayment of such loan of ₹2,072/-, per month and the Complainant No.1 is repaying the same.

That from the original date of repayment as per the sanctioned letter and Agreement of Loan, complainant is paying the original monthly repayment instalment of the said loan which is ₹2,072/- and the concerned bank is accepting the said amounts under prejudice and also that on 04.12.2020, Opposite Party made a communication stating that the EMI of the said Education Loan amounting to ₹7,335/- and the arrear amount of such repayment of loan amounting Rs.10,077/- which is highly misconceived, illegal and arbitrary and against commercial morality performed by a Nationalized Bank, which needed to be functioning for betterment of public reliance.

That Complainants have made several verbal and written communications to the concerned bank and the Ombudsmen against such highly wrongful and illegal act which is against the commercial morality of the said Bank.  But none of their grievances preferred before the Opposite Party or other concerned authorities be sought for relief and none of them paid any heed to their requests.

That the Complainants are performing their obligations as per the Agreement and the sanction of the Educational Loan by paying specifically written loan repayment amount of ₹2,072/- per month from the date of first repayment and continuously paying the same.

That the Complainants are willing to repay the original loan amount which was agreed as per the terms and conditions of the said Education Loan at the monthly EMI rate of ₹2,072/- for 180 months and not at the increased rate which was falsely fabricated uttered by the Opposite Party.

Hence, this complaint case,

Points for decision

                                     I. Whether Complainant has any cause of action to file this case or not?

                                     II. Whether there is any deficiency of service on the part of Opposite Parties or not?

                                     III. Whether Complainant will entitle to get any relief / reliefs as prayed for or not?

Decision with reason

All these points are taken up together for sake of convenience and brevity.

In support of this complaint case, Complainant filed Affidavit in Chief and other related documents.

I have carefully perused the petition of complaint, Affidavit in Chief and all the annexures, wherein I do not find any reason to disbelieve the case of the Complainant and the unchallenged case of the Complainant.

Hence, I hold that Complainants able to prove their case.

All the points disposed accordingly.

In the result this complaint case succeeds.

Court fee paid correct.

Hence, it is,

                                               O R D E R E D

that the complaint case be and the same is allowed ex parte against the Opposite Party.

Opposite Party is directed to receive instalment @ ₹2,072/- (Rupees Two thousand  and Seventy Two only) till realization of 180 instalments  as per loan agreement. The 1^st instalment will pay from 15^th February, 2022 and remaining instalment will pay 15^th of each subsequent month till realization of the  entire education loan.

No order as to cost and for mental harassment and agony.

Thus this complaint case is disposed of accordingly.

Let a copy of this judgement be handed over to the Complainants at free of cost.