23rd January 2014, 09:05 PM
Posts: n/a

What should I do if Canara Bank has stopped giving cheque?

Sir i am doing b.tech III rd year (mechanical). I have taken loan from canara bank. But i have 2 backolgs and bank stopped to give cheque of education loan.. So what should I do now..help me and pllzz replllyyy

25th January 2014, 10:43 AM
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Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: What should I do if Canara Bank has stopped giving cheque?

It is quite sad to know that the bank has ceased to reimburse further loan amount in between your engineering B.Tech course. However, there is no one to be blamed except yourself for this kind of situation. This is because it is quite clearly stated in the norms of education loan that the bank can withdraw loan at any point of time if it is found that the performance of the student is unsatisfactory. So you should have been more careful and must have studied with seriousness which would in turn not make you land in this sort of situation.

There is no way out to this problem except for clearing the backlogs as soon as possible. You can give an application to the bank stating that you will improve your performance and clear the backlog as soon as possible and produce better result from next time, requesting them to reimburse the loan amount for this time. The only solution to this problem is study and produce good results and the first and foremost step should be to clear the backlogs with good grades.
27th January 2014, 02:40 PM
Senior Member++++
Join Date: Dec 2013
Posts: 2,098
Default Re: What should I do if Canara Bank has stopped giving cheque?

Banking scenario in India comes under various pros and cons. It is indeed a good thought that EMIs should be lower. During RBI meetings, interest rates for loans are decided and hence EMIs fluctuate around 12.5-14.5 per cent. There is also a relaxation provided from the government’s side. You may be facing the problem because norms of education loan in banks can change at any point of time.
Do you have any question? or have anything to say?

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