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Chennai: Civil court orders education loan defaulters to repay bank | Chennai News

CHENNAI: A civil court of the city has asked a son and his father to pay Rs 2.9 lakh to the State Bank of India for failing to pay education loans they had taken. The loan was taken for the boy to do PG in computer science.
Interest of 9% from the date of the lawsuit to the date of the decision and of 6% from the date of the decision to the date of realization of the amount of the lawsuit must be paid together with the principal.
SBI approved the loan in April 2013 to Vignesh Kumar and his father Muniraj, who applied for ₹1.6 lakh.
They agreed to repay the loan amount along with interest in 60 EMIs of 3,679 each as of June 2016 and further agreed to pay interest on floating rate loans and other account amortization, such as insurance costs, in installments beginning June 2016. But to date no amount paid. The bank filed a complaint in 2021 after several reminders to the defaulters.
Assistant Judge S. Priya stated, “An amount of ₹2.9lakh is due from the defendants on April 19, 2021, along with the subsequent interest. The defendants are also liable to pay the interest and other incidental expenses incurred by the plaintiff. were made until the realization of the amount of the defendant. They had deliberately failed to pay this amount.”


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