Education and Career Forum

Dear Sir, My son Tathagata Bhowmik has been sanctioned a Loan of Rs 7.5 Lacs from SBI Jalpaiguri (Main Branch) for studying B. Tech Marine Engineering from MANET Pune. I have already paid an amount of Rs 2.1 Lacs for his Admission including 1st Semester fees. The 2nd Semester fees to the tune of Rs1.27 Lacs has been paid up by bank from his sanctioned loan. The 3rd Semester fees comes to the tune of Rs 1.48 Lacs. Now the bank says that you have to make part payment of this amount to release this 3rd Semester fees. Total course fees is around 12.00 Lacs. I wish that I should pay after the loan amount i.e Rs 7.5 Lacs is exhausted. What should be the procedure? Kindly let me know the exact procedure and rules for the above.

With regards,
Yours Sincerely,
Indrajit Bhowmik

No, there is a norm when required amount of loan per semester to be paid to college is above sanction strength then you need to pay the extra amount. You can not ask bank to exhaust your sanctioned limit for whole fee.

Bank will sanction a specified amount as per rules and you need to pay the extra amount every semester or year for Demand Draft to be made in name of college.