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POSTED BY ON December 18, 2012 3:01 pm COMMENTS (3)
I am having an ongoing personal loan from State Bank India. I took this loan during Nov-2010, and till date paid 26 EMIs. Recently, I applied for another personal loan from SBI, but SBI is not considering application mentioning that a top up can only be availed after payment of 30 EMIs against the ongoing loan.
I wanna know – ” Is there any such circular in SBI that a new loan or top up loan can only be availed after completion of 30 months of ongoing loan.”
Also, I discussed the matter with SBI manager, and offered to foreclose the ongoing loan, for avoiding above mentioned issue, but he is not agreeying to that option too.
What can be done in such a case if somebody needs funds immediately???
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Dear Roop,
If the bank has a credit policy which specifies that top up loan cannot be availed until 30 EMIs are paid, there is not much that can be done about it. However the bank should allow you to foreclose the existing loan and avail a fresh loan.
Also foreclosing the ongoing loan through personal borrowings from friends and then repaying them after you get the new loan makes no sense as net net you will have no additional cash.
Regards,
Credexpert
Hi Manish,
I may foreclose the ongoing loan by borrowing money from friends, and when I will get the new loan, I can return the money to my friend.
Yes, I can apply in some other bank, but why I need to? SBI will also loose business in case I do so.
I think this purely a Bank decision how they want to define the criteria . If they want to give loan to existing loan takers only when they pay 30 EMI, then they are correct in doing so . You cant ask them why they want to take RISK on you ,. Its purely their decision .
I think if you need the money immediately, you can apply in some other bank . And how will you preclose the loan if you already need a loan ?
Manish