Pakistan's economy faces a grim future with inflation expected to stay high. Soaring oil prices and regional conflict are straining the nation's finances. Analysts predict economic growth will slow significantly. The country's stock market is already among the world's worst performers
Delhi on Sunday (May 3, 2026) recorded a minimum temperature of 24.6°C and is likely to witness thunderstorms with rain, according to the India Meteorological Department (IMD). The IMD on Saturday (May 2, 2026) issued a 'yellow' alert for the national capital for the next two days, warning of rain
‘I never thought this could happen to me, I’m young, just in my 30s. It’s a line we hear quite often," says Dr Chetan Anchan, Surgical Oncologist, Director, SSO Cancer Hospital. Over the last few years, there has been a noticeable rise in cancers being diagnosed in younger individuals—cases
Diksha Dagar in contention in Mauritius as Hitaashee, Tvesa also make cutDiksha Dagar in contention in Mauritius as Hitaashee, Tvesa also make cut Published on: May 03, 2026 2:43 PM IST PTI Share via Copy link Port Louis , Indian golfer Diksha Dagar played a solid bogey-free 3-under 69 to move into
There was a time when his face felt familiar in living rooms across India, the kind of actor you didn’t always notice immediately, but somehow remembered long after the film ended. Today, the story of Raj Kiran lingers in a very different way… not through his performances
Tamil Nadu Election 2026: Like in his films, where he often stays two steps ahead of the villain, Vijay appears to be bringing the same instinct into politics. Though new to the political arena, the “Thalapathy" seems keen to stay ahead of the game.Tamil Nadu Election 2026: Like in his films
The 2026 World Cup has been a story of high ticket prices, expensive accommodation and train fares way above normal rates. It has been clear for a while that, on cost alone, this tournament is set to be like no other. What if you decided, today
Student bodies representing Manipur seek 'lasting political solution' from CentreStudent bodies representing Manipur seek 'lasting political solution' from Centre Published on: May 03, 2026 2:42 PM IST PTI Share via Copy link New Delhi, Several student organisations representing indigenous hill
New Delhi: An individual had an education loan of Rs 8 lakh from Bank of Baroda. In March, a lump sum payment of Rs 4 lakh was made, with the clear intention that it would reduce the outstanding principal and consequently the interest charged. Instead, the bank processed this as payment for advance EMIs—crediting future monthly instalments—without prior notice or giving the borrower a choice.
Money Paid For Principal, Bank Counted As Advance EMIs—How To Correct And Cut Interest
Cases like this are not isolated to Bank of Baroda; other banks may also do this if a large payment is made close to an EMI date or if the borrower does not specify the purpose. Ideally, the bank should inform the customer or provide a choice before processing in this manner.
New Delhi: An individual had an education loan of Rs 8 lakh from Bank of Baroda. In March, a lump sum payment of Rs 4 lakh was made, with the clear intention that it would reduce the outstanding principal and consequently the interest charged. Instead, the bank processed this as payment for advance EMIs—crediting future monthly instalments—without prior notice or giving the borrower a choice.
Cases like this are not isolated to Bank of Baroda; other banks may also do this if a large payment is made close to an EMI date or if the borrower does not specify the purpose. Ideally, the bank should inform the customer or provide a choice before processing in this manner.
According to rules governing education loans in India, borrowers are allowed to make prepayments without facing any penalty. This provision is also highlighted in the 2022 Model Educational Loan Scheme from the Indian Banking Association, which states that partial or full prepayments toward principal are allowed without extra charges.
Add Zee News as a Preferred Source
This implies that the Rs 4 lakh amount should have gone toward reducing the principal balance, not as advance EMIs. Here's the recommended process for resolving the issue:
Go to the home branch handling the education loan.
Draft a formal written request addressed to the Branch Manager, stating the loan account number, specific payment details, and attach evidence of the ₹4 lakh transaction.
Clearly clarify that the intention of the payment was for principal prepayment, not for advance instalments.
Ask for a reversal of the misapplied payment and that the entire sum be credited toward the outstanding principal. Request a stamped copy of the letter for your records.
Ask for an updated loan statement showing the corrected principal balance and a revised repayment schedule, reflecting the changed EMI or shortened loan tenure.
If the branch does not resolve the issue within 7–10 working days, submit a detailed complaint through the Bank of Baroda Grievance Portal, including all supporting documentation.
If the matter remains unresolved even after 30 days, escalate by filing a complaint with the Reserve Bank of India's Banking Ombudsman, ensuring that all relevant documents and correspondence are ready for review.
Some key points to highlight:
Education loan policies in India allow prepayments toward the principal amount at any stage, with no penalty.
Banks should not treat substantial payments as advance EMIs without the borrower's explicit consent.
Borrowers have a clear right to request that such payments be adjusted towards the principal.
Best practices include always giving written instructions with large payments, specifying that they are for principal prepayment, and keeping copies of all transactions and communications. Often, a formal written request at the branch resolves the problem, but don't hesitate to follow official escalation processes to ensure your rights are protected.
Source: ZeeNews
Related Posts: HDFC Bank, ICICI Bank, IDFC First Bank to announce quarterly earnings on this date HDFC Bank Vs ICICI Bank Vs Yes Bank Q4 Results Assam Police nab individual for posts supporting Delhi terror attack How To Buy Rs 20 Lakh Car With Only Rs 3 Lakh In Bank Account - Explained Entrepreneur says he went from ₹10 lakh to ₹6 lakh loan WhatApp Individual Storage Management Per Chat At Your Fingertips Soon-Details What's the highest individual score in U-19 Asia Cup finals 1,345 Claims, Objections Filed By Individual Electors Disposed In Bihar Individual policy SBI Card, HDFC Bank, ICICI Bank card user alert
Mumbai-Pune Missing Link Real Estate Boon: The market is moving — and the names are not small. Godrej Properties has already acquired a 90-acre land parcel in Khalapur, Raigad. If you have been sitting on the fence about buying a weekend home near Lonavala or a plot somewhere along the
2 hours ago
Nine persons, including a toddler, were killed in a fire that broke out in a residential building in east Delhi’s Vivek Vihar on Sunday, The Hindu quoted the Delhi Fire Services as saying. According to a preliminary probe an air-conditioner blast might have triggered the fire
2 hours ago
“So you made it to the voter list!” exclaimed a middle-aged resident of my locality in Kolkata. He was addressing the man standing next to me in the crowd that had gathered to vote in the polling station in the government school in our neighbourhood. “I thought you were from another country
2 hours ago
The Mittal Family and Adar Poonawalla are set to acquire a controlling stake in the Rajasthan Royals IPL franchise. The deal values the team at approximately $1.65 billion. This significant acquisition includes ownership of associated teams in South Africa and the Caribbean
2 hours ago
Quote of the day: “Injustice anywhere is a threat to justice everywhere.” — Martin Luther King Jr. He also said, “We are caught in an inescapable network of mutuality, tied in a single garment of destiny. Whatever affects one directly, affects all indirectly
2 hours ago
The Kedarnath Dham Yatra has just begun, but troubling reports have already emerged. A 69-year-old devotee reportedly died of a heart attack on the very first day of the pilgrimage. In a separate incident, a 32-year-old man also lost his life to a heart attack at Sonprayag
2 hours ago
May 03, Birthday Horoscope: Here's what the tarot cards have in store for youIf your birthday falls on May 03, here’s what your year ahead looks like, as per Tarot. Published on: May 03, 2026 11:01 AM IST By Kishori Sud Share via Copy link If you were born on May 3
2 hours ago
Mrunal Thakur and Adivi Sesh’s Dacoit is reportedly releasing on OTT soon. The release date is locked. The much-awaited action drama has already generated strong curiosity among audiences ever since its announcement. The film hit theatres on April 10, 2026
2 hours ago
Germany's defence minister has said the US decision to withdraw 5,000 troops from his country was "foreseeable", as the Nato military alliance says it is seeking clarification from Washington. Speaking to the DPA news agency, Boris Pistorius also stressed "the presence of American soldiers in
2 hours ago
The IPL 2026 season is well underway, yet the venues for the playoffs remain uncertain. The Board of Control for Cricket in India (BCCI) has hinted that a significant announcement regarding this matter will be made shortly. The schedule for the league stage of IPL 2026 was released in two phases
2 hours ago
New Delhi: , a security and facility management services provider, aims to cross Rs 20,000 crore in revenue by FY27, driven by strong double-digit growth, expansion of its service network, and a simplified regulatory framework under new labour codes, said its Group Managing Director Rituraj Sinha
2 hours ago
Lorna Hajdini row: Did JPMorgan executive's son react to assault allegations? Fact-checking viral claimLorna Hajdini, a JPMorgan executive, is accused of sexual assault by a former employee, which her lawyer denies. Published on: May 03, 2026 2:08 PM IST By Shweta Kukreti Share via Copy link Lorna
2 hours ago
Cement cos in Meghalaya imported nearly 3 lakh mt of coal without valid papers: HC-appointed panelCement cos in Meghalaya imported nearly 3 lakh mt of coal without valid papers: HC-appointed panel Published on: May 03, 2026 2:49 PM IST PTI Share via Copy link Shillong
2 hours ago
While the government has already stepped in by converting some debt into equity—reducing outstanding dues from Rs 87,695 crore to Rs 64,046 crore—experts suggest this is only a temporary fix. New Delhi: Vodafone Idea is standing at a critical point and may need nearly Rs 50
2 hours ago
Two first information reports have been registered in Punjab against Rajya Sabha MP Sandeep Pathak, days after he left the Aam Aadmi Party and joined the Bharatiya Janata Party’s legislature party in Parliament, The Hindu reported on Saturday
2 hours ago
Some wins hit differently. And for Marta Kostyuk, this was one of them. The Ukrainian star, currently ranked World No. 23, captured her first-ever WTA 1000 title at the Madrid Open with a straight-sets win over Mirra Andreeva, 6-3, 7-5. Kostyuk broke down in tears after sealing the win
2 hours ago
Summer brings with it a predictable shift in consumption, coolers, juices, iced teas, and an array of “refreshing" beverages dominate daily routines. But beneath the promise of hydration and health, many of these drinks carry an often-overlooked ingredient: hidden sugar
2 hours ago
Hindutva ideologue VD Savarkar had filed five mercy petitions with the British colonial administration and referred to the cow not as a god but as a “useful animal”, Live Law on Saturday quoted his grandnephew Satyaki Savarkar as having told a Pune court
2 hours ago
The 2026 West Bengal election is not throwing up a wave but a statistical deadlock. Across most exit polls, the story isn’t who is winning, but how narrowly the contest is balanced around the majority mark of 148. Seat ranges overlap, leads are fragile, and in several projections
2 hours ago
Indian Potterheads keep the magic alive for this International Harry Potter DayOn International Harry Potter Day, fans express nostalgia for the series, sharing their collections and personal stories Published on: May 03, 2026 2:32 PM IST By HT Correspondent Share via Copy link Harry Potter fans
2 hours ago
The Iran war's impact on energy prices is forcing central banks to reassess policy. Robeco anticipates the Fed will cut rates twice this year, while the ECB might hike in June and September if Brent crude stays near $80. Asia faces significant exposure
2 hours ago
Donald Trump once predicted the US-Israeli war in Iran would last no longer than six weeks. It has now entered its third month. The conflict has caused a global energy shock on a par with the oil crises of the 1970s, driving up prices of everything from fuel to groceries
2 hours ago
SRH vs KKR Pitch Report: Sunrisers Hyderabad are on a five-match winning streak. They face Kolkata Knight Riders at home. Hyderabad's batting is in strong form with key players scoring heavily. The pitch is expected to favour batsmen. Hyderabad's bowling has also been consistent
2 hours ago
A first-of-its-kind study of dragonfly and damselfly species in India's Western Ghats - one of the world's most important biodiversity hotspots - has revealed findings that are both fascinating and worrying. The study, which was funded by the Indian government's Department of Science and Technology
2 hours ago
Can menstrual cycles affect women's bodies and their weight? Fitness coach reveals the truthHormonal changes during the menstrual cycle can cause weight fluctuations in women, such as bloating and puffiness, says fitness coach Ralston D'Souza. Updated on: May 03
2 hours ago
Amid all the chaos regarding the new F1 regulations, Red Bull Racing have given F1 fans yet another reason to be excited for what’s to come. Because, guess who feels more in control of his fate and his car now? Four-time world champion Max Verstappen delivered a timely reminder of his quality
2 hours ago
Flipkart has partnered with Axis Bank and PayU to introduce biometric authentication for card payments, marking a significant shift away from OTP-based verification in India’s fast-evolving digital payments ecosystem. The feature allows users to approve transactions using fingerprint or facial
2 hours ago
