Private College Student Loan

How to withdraw ECS.?

I authorized SBI to withdraw interest towards education loan taken from their Mount Road Branch trough ECS. Now, I wish to stop paying interest as there is a policy change in interest payment. When approched, BM of SBI refused accept my application.

Public Comments

1. Your are required to approach the biller for the cancellation of Electronic clearing servise,Biller is the company or organistion who gives the educational loan.You would have already given a authority mandate to the biller to debit his account through ECS,you can cancel that authority letter with them. SBI BM cant refuse to accept ur application,you can very well give a letter to bank for stop payment with immediate effect..As a banker they are supposed to act on your letter. Suggest you to check with the CM or escalate to big brass,they could sometimes help you on this.. Hope this will help you.