J U D G M E N T

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Dated this the 30th day of July, 2020 The petitioner, who is an Engineer holding B.Tech (Mechanical Engineering), desires to pursue MBA Course at University of Glasgow, UK. The petitioner is aggrieved by the refusal of the 3rd respondent-Bank in not accepting collateral security offered by him for education loan.

2. The petitioner received an offer of admission from University of Glasgow on 08.05.2020 for admission to MBA Course. The total education expenses would come to 49,32,400 GBP (₹46,85,780/-). The petitioner was awarded a scholarship of 8000 GBP (₹7,44,000/-).

3. The petitioner applied for education loan of ₹40,00,000/- from Kumarapuram Branch of the 3rd respondent-Bank on 11.05.2020. The petitioner contends that he holds a very high CIBIL score. The petitioner's parents stood as co-obligants as well as guarantors to the loan. Property of an extent of 44 cents, having market value of ₹3 Crores, was offered as collateral security. The said property already stands mortgaged to the 3rd respondent for availing a term loan and education loan for the sister of the petitioner. The outstanding towards the said loan is only ₹20,00,000/-. The petitione