I had applied for Rs.4 lacs as a Student Overseas education loan from SBI,Vile Parle, Mumbai in May/June-2005 and my loan was sanctioned with a deposit of Rs.5000/- as margin money-to be adjusted against interest charges. (cost of education @Rs.25 Lacs for TWO YEARS)

Masters of Science course in US usually takes 18 months to 24 months .In August/Sept.2006 when I had finished with my own savings and finance-I approached SBI to disburse my sanctioned loan.

At this pont of time I got shocked from SBI ( letter in WRITING ) that my LOAN sanctioned has LAPSED ( loan WAS NOT availed within ONE YEAR of SANCTION ) and I need to apply ALL OVER AGAIN.

Since study duration was of 24 months-TWO years-which SBI knew in writing, I think officials ( Branch Manager and Personl.Bankung Manager) in charge of LOAN disbursement wanted me to GREASE THEIR PALMS for disbursement of loan .

I protested and complained to CHAIRMAN OF SBI and marking copies of my correspondence to CERC, Ahmedbad AND OTHER CONSUMER ORGANIZATIONS.

After correspondence/phone calls to SBI-HO in Mumbai- FOR ALMOST 3/4 MONTHS i got an OKAY for loan disbursement. My US university's deadline for payment of FEES already expired and I had to make alternative arrangements for LOAN at much HIGHER INTEREST and personal embarrassments/expenses.

I have sent complaint to CBI/ACB to take action against concerned officials of SBI-but NO ACTION. However due to STRONG PROTEST of my correspondence, SBI has QUIETLY REFUNDED MY MARGIN MONEY of RS.5000/- into my bank account.

I would appreciate if READERS of complaintsboard.com having similar experience to come forward and narrate their experience - to help other STUDENT aspirants to take guidelines for STUDENT EDUCATION LOAN.