I applied for the Education loan in IDBI bank for 7.5 lacs. the bank officials said that they dont need any security for 7.5 lac Rs but a gaurantor. I gave them all the docs and they said i will get the sanction letter in 5 business days. they committed this on 8th of July, 2010. Now i have to pay the fee by 30th july.

I also have the housing loan with BOB. Now IDBI people ( Ms. Mausam Banka, Ms. Mausami and Mr. Raj Kishor, Vadodara) want me to shift my housing loan from BOB to IDBI and then submit a fresh application for education loan. They told me to do so on 22nd July. And they have charged 5000 Rs as education loan processing fee and asking me to pay 2500Rs for house loan application fee.

Ms. Mausam Banka said that till 7.5 lac, no bank requires any mortgage, they just need a gauranter.. and on 22nd july, she is saying that it is insecured loan and we need the security for that. But on their website they have clearly mentioned that they dont need any security till 7.5 lacs.

Where shall i go????
Can anybody help me in this regard. My email is aadi1237@gmail.com

I have taken an education loan from Bank of Maharashtra for 20 lakhs for study abroad. As per the bank norms i provided them 2 guarantors, 1 co-borrower and also My Flat as the collateral security. After 8 months the bank says i need to pay Rs. 4000 as Stamp duty and also the insurance premium for the collateral. They did not mention anything about these when i had approached them for the loan. Nor do i see any such requirements on their website as well as any other banks website. i fail to understand why all of a sudden after 8 months does the bank realize to collect a stamp duty from me and also recover the insurance which was never mentioned earlier during the process. Has there been any recent changes in the Education loan policies ???
Please help, as the bank threatens that they will not process my future requirements (fees) until these payments are made. I dont know as i am abroad and my family is being tormented for this in India.

Can Someone please help me ???