I am running proprietary business manufacturing of instant sambrani since 2012. I have availed T/L and working capital from IOB, subsequently I have applied loan enhance of T/L and working capital. At the time the loan is below 10 lacs. The manager trickily converted my SME loan as IOB mortgage for 5.50 Lacs. And he has registered my factory building for 13.00 Lacs.(Value of the property Rs.30.00) In July 2014, at the time he says mortgage is 5.50 Lacs and enhanced working capital 5.00 Lacs and T/L balance 2.00 Lacs. The manager has transferred. New manager has ready to enhance the limits. Now I have got orders and propose sale of Rs.5.00 Lacs per month. I am in the deep troble. Because my ward for availing educational of Rs.6.80 Lacs for B.Arch course to my daughter. What can I do sir?
In terms of RBI recent guidelines on Priority Sector Lending vide Master Circular no. RBI/2015-16/53 FIDD.CO.Plan.BC.04/04.09.01/2015-16 dated 1 July 2015 the relevant para reads as follows:-

Education
"Loans to individuals for educational purposes including vocational courses up to Rs10 lakh irrespective of the sanctioned amount will be considered as eligible for priority sector".

I am of the view that the applicant, if eligible, should approach any schedule commercial bank and apply for the Education Loan under Priority Sector.

In absence of details of the credit facilities availed and the history, I am unable to dwell on the SME/ ML.

I trust this will meet the query.
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