I have taken Education loan from Credila (a HDFC Ltd company). The instiution has a interest calculation cycle as 11th of every month and deduct the interest accordingly directly from bank a/c through ECS.

We got the disbursment of the loan amount on 30 Aug 2010 and as per the interest calculation cycle the interest was calculated on 11 Sept 2010 deducted on 14 Sept 2010 from my bank a/c. The interest deducted was full months interest and not for the days from actual receipt of the money and interest calculation date.

I tried talking to our relationship manager but he said it was their company policy that they charge the full months interest and not for the actual days.

Kindly guide as I can claim the extra interest charged.

Thank You,

Amish Chhadva