Murugappan v. Manager, Lakshmi Vilas Bank, Lalgudi Branch, Sirudhaiyur, Lalgudi, Trichy
2014-09-19
T.S.SIVAGNANAM
body2014
DigiLaw.ai
Judgment 1. The petitioner seeks for issuance of writ of Mandamus for grant of educational loan for his daughter, who has secured admission in Sri Venkateshwara Medical College and Research Centre, Pondicherry, for MBBS Course during the academic year 2013-2014. 2. Now, the petitioner's daughter has completed first year and she has gone to the second year. The petitioner has sought for a total loan of Rs.33 lakhs stating that it is as per the approved fee structure and inclusive of hostel fees, transportation etc. 3. The learned counsel appearing for the respondent Bank submitted that the Bank would be ready to consider the petitioner's representation, subject to two conditions namely secure the loan transaction by way of immovable property security and some more documents to show that there would be sufficient source for repayment of the loan, which will commence after six years from 2013 onwards since, if the amount of Rs.33 lakhs is borrowed by the petitioner, then the repayment per month, after six years would be about Rs.1 lakh. Therefore, it is submitted by the respondent Bank that in the event of respondent Bank being convinced that the petitioner would be able to repay the loan at the rate of Rs.1 lakh per month, after six years from the year 2013 onwards, they are ready to grant educational loan. It is also submitted on behalf of the respondent Bank that even the private hospitals, who employed the doctors do not pay salary of more than Rs.40,000/- per month. 4. It is answered by the learned counsel for the petitioner that the petitioner will not insist upon the total amount of Rs.33 lakhs and the petitioner is always ready to accept any lower amount, as decided by the Bank. 5. In the light of the above, there will be a direction to the petitioner to meet the respondent in person along with a copy of this order and file an application indicating as to the exact amount of the loan required by the petitioner and file all supportive documents, clearly disclosing the sources of repayment and on such filing of an application with requisite documents and particulars, the respondent Bank shall process the same and take a decision in accordance with their guidelines, within a period of four weeks from the date of receipt of the application. 6. With the above direction, the writ petition is disposed of.