AHMEDABAD
The student applied for the loan with his father as co-applicant. Later, the bank rejected the loan application after it was found that the father was a habitual loan defaulter
The Gujarat High Court has refused to provide relief to a management student who approached the court for securing a student loan of Rs 16.75 lakh that was denied to him by a bank after his father, a co-applicant in the loan, was found a habitual loan defaulter. The court said it has sympathy with the applicant who is a student but cannot rule in his favour which would attract criticism of "misplaced sympathy, generosity, and private benevolence".
Notably, the single judge bench of Justice JB Pardiwala also said: "Expansive judicial mode of mistaken and misplaced compassion at the expense of the legitimacy of the process will eventually lead to mutually irreconcilable situations and denude the judicial process of its dignity, authority, predictability and respectability".
The student had passed his graduation in Business Administration from Maharaja Sayajirao University in Vadodara and after clearing the Common Aptitude Test (CAT) 2017 exam with 84.87 percentile, he got admission in Post Graduate Diploma in Management course in Kolkata-based International Management Institute. He applied for a student loan to meet the course fee of Rs 14.67 lakh and approached SBI, which initially was ready to approve his loan without any collateral.
However, when the student applied for the loan with his father being a co-applicant, the bank cross-checked the latter's credit scores, which were poor due to multiple loan default. The bank eventually denied the loan and now the student who is supposed to pay his second instalment is in a fix. He approached the high court against the bank's loan refusal, but the court also refused to entertain his plea.
The student applied for student loan to pay the course fee. The bank was initially ready to provide him the loan without any collateral. He applied for the loan with his father as co-applicant. Later, the bank rejected the loan application after it was found that the father was a habitual loan defaulter.
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