I am 60 year old havig a family of a spouse and a son. since last two years our relation with spouse is not moving smoothly for everything there is an argument and no concensous in the matters of day tody life, son is also not lisoning properly I am under seveor stress which is leading to upset my health and I am facing epilepsy problen since last months I am unable to forget the things and move ahead. Thsere was no problem in leading a normal middle class life. I am facing in security and also I facinig negativities in my life and slowlely slipiing in depression I am trying too much to forget theses things but I am not in a position to lead a peacefull life inspite of adequate resources. Kindly advise me.

Ans: Yes, your son can participate in JoSAA counseling even with a 67 percentile in JEE Main, but success in securing a seat in a desired college is not guaranteed. His Gen-EWS category may provide some advantages, but it's advisable to also consider state counseling options.

Ans: With a JEE Main percentile of 93.89, your son's chances of getting into IIITs, especially for top branches like Computer Science (CSE), are limited but not impossible. For General Category, IIIT admissions often require a higher percentile, around 95-98 for popular branches. However, some IIITs might be reachable with a 93.89 percentile, particularly if he's open to lower-ranked IIITs or non-CSE branches.

Ans: You may get Civil Engineering.

Ans: For Computer Science with a focus on AI and Machine Learning, SRM Ramapuram is generally considered a slightly better choice than Chandigarh University. While both offer strong programs in this field, SRM Ramapuram's stronger reputation, possibly higher rankings, and potentially better infrastructure and facilities.

Ans: I think You won't get chance in any of them for very low rank.

Ans: You’ve done the right thing by revisiting and questioning the loan terms. It’s understandable to feel disappointed and betrayed. Many borrowers assume public banks will offer full transparency. But sadly, loan processes — even in SBI — are not always straightforward. Let’s explore your case from all angles and suggest clear remedies.

 
 
1. Understanding the Real Issue First
 

Your SBI education loan was sanctioned at 10.65% in May 2024.

 

Today, after disbursing Rs. 40 lakh, you’ve been told the new rate is 11.15%.

 

But the current advertised rate is only 9.15%.

 

This mismatch raises a key concern: Was your rate fixed or floating?

 

SBI Global Ed-Vantage loans are generally linked to EBLR (External Benchmark Lending Rate).

 

That means the interest rate must change as the RBI repo rate changes.

 

But the reality is, SBI often adds a “spread” or “premium” over the benchmark rate.

 

This spread is based on credit score, collateral, student profile, etc.

 

Even if repo goes down, SBI may increase spread, keeping final rate high.

 

And sadly, banks don’t disclose this clearly unless you ask.

 
 
2. What Might Have Happened in Your Case
 

SBI’s base rate (EBLR) may have been 9.15% during sanction.

 

But your rate was 10.65%, which means spread was 1.50%.

 

Now, repo may have dropped, but SBI raised the spread silently to 2.00%.

 

So your new rate is 9.15% + 2.00% = 11.15%.

 

This is how banks play with the spread behind the scenes.

 

It’s not illegal. But it is misleading if not explained upfront.

 
 
3. Your Mistake Was Only Trusting Without Verifying
 

It’s true — not checking the benchmark and spread is common.

 

Many assume SBI will give best possible rate.

 

But banks use “pan-India computerized” explanation to avoid individual discussions.

 

Now that you caught it, it’s time to take the right steps.

 
 
4. What You Can Do Immediately
 

First, send an official written complaint to SBI branch manager.

 

Ask for detailed loan sanction letter, annexure, and EBLR-linked rate calculation.

 

Request a written breakup: current repo rate + spread = your interest.

 

Ask for justification of why spread is 2.00% now.

 

Mention the advertised rate (9.15%) and ask why you didn’t get it.

 

Submit this via email and hard copy and ask for written reply.

 
 
5. If Bank Doesn’t Cooperate, Escalate in Stages
 

After 7 working days, if branch doesn’t reply, write to SBI Zonal Office.

 

You can get email and contact on SBI website under grievance redressal.

 

Still no help? Raise complaint to SBI Customer Care portal online.

 

Use this link: https://crcf.sbi.co.in/ccf/

 

Clearly mention the unfair spread hike, deviation from base rate, and lack of clarity.

 

Upload all documents, email chains, and screenshots.

 

You will get a complaint ID. Follow it regularly.

 
 
6. If Still No Resolution – Use RBI Ombudsman Route
 

Wait for 30 days from SBI complaint.

 

If no response or unsatisfactory reply, file online to RBI Banking Ombudsman.

 

Use this link: https://cms.rbi.org.in

 

Fill full complaint history, and attach copies.

 

You can highlight that loan was linked to repo rate but you were charged more.

 

RBI may take strict action if SBI is found wrong.

 
 
7. Optional But Powerful – RTI Filing
 

You can also file RTI to SBI Head Office.

 

Ask:

 

What was EBLR in May 2024?

 

What is the spread for Global Ed-Vantage loans for a profile like yours?

 

Why your loan is now at 11.15% while base rate is 9.15%?

 

File online here: https://rtionline.gov.in

 

Cost is Rs. 10. Takes 5 minutes. Use your name and bank account number.

 

SBI must reply in 30 days.

 
 
8. What to Avoid Now
 

Do not make fresh disbursement of the remaining Rs. 40 lakh unless clarified.

 

Don’t blindly continue EMI or interest payments without documents.

 

Don’t fall into trap of “switch to fixed rate” offers from bank.

 

That can trap you at high rates even when repo falls later.

 

And don’t assume you can’t fight – RBI is serious about customer complaints.

 
 
9. Is Loan Takeover Possible from Another Bank?
 

After first disbursement, loan takeover is hard.

 

Very few banks take over mid-way student loans.

 

But if issue continues, and rate remains high, you may explore NBFC options later.

 

They may allow takeover if collateral is strong.

 

But this should be Plan B, not immediate action.

 
 
10. What Can You Learn and Apply Ahead?
 

Always ask for base rate + spread breakdown during loan sanction.

 

Ask if rate is repo-linked or MCLR-linked or fixed.

 

Collect the signed loan agreement and annexure with these details.

 

Ask for email confirmation, not just verbal words.

 

And monitor repo and EBLR changes every quarter.

 
 
11. Financial Tip: Start Small SIP for Education Loan Buffer
 

Start a monthly SIP to build buffer for future EMIs.

 

In case interest rate continues rising, this corpus can help.

 

Use short-term debt fund or ultra short-term fund for this.

 

This will reduce dependence on fresh disbursement or bank help.

 
 
Finally
 

You’ve taken a bold and right step by verifying everything.

 

SBI has no right to quietly raise spreads without proper explanation.

 

You can fight this legally and fairly through written complaints and RTI.

 

Be persistent, polite, and professional.

 

Track everything and escalate stage by stage.

 

Your case can also become reference for many other parents and students.

 

Take this fight not just for you, but for every Indian borrower.

 
Best Regards,
 
K. Ramalingam, MBA, CFP,
 
Chief Financial Planner,
 
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Ans: Your question is not clear to me.

Ans: First tell me whether his preference is ECE or CSE, then I can give counselling. You can't compare Samosa with Kaju Barfi.

Ans: You have made strong financial progress. You earn well, invest regularly, and maintain discipline. Let’s now do a deep evaluation and give a complete 360-degree plan. We will look at debt, investments, risk protection, asset mix, and your goals.

This will help you get better clarity and balance in your money life.

 
 
1. Emergency Fund – Good, but Rebalance a Bit
 

Rs. 10 lakh as emergency fund is quite healthy. You’re well-prepared for sudden needs.
 
 

Ideally, 6 to 9 months of expenses is enough. For you, Rs. 5–6 lakh is sufficient.
 
 

Keep part in a sweep-in FD linked savings account.
 
 

Move the extra amount to debt mutual funds for higher returns with some liquidity.
 
 
2. Home Loan Strategy – Continue Part Prepayments Smartly
 

Your Rs. 48 lakh home loan with Rs. 37,000 EMI is well within your income capacity.
 
 

Paying Rs. 50,000 principal every quarter is a smart move. It reduces interest load.
 
 

This gives you a good balance between investment and debt reduction.
 
 

Avoid lump sum full closure now. Use part-prepayment method.
 
 

This way, you retain liquidity and reduce loan burden over time.
 
 

Keep this strategy going for next 6–7 years.
 
 
3. Mutual Funds – Continue, But Review the Mix
 

Rs. 7.5 lakh in mutual funds is a good beginning.

 

Check asset allocation across large, mid, and small cap.
 
 

Avoid overexposure to mid and small cap funds. They are volatile.
 
 

Add more to diversified flexi-cap and large cap funds.
 
 

Choose actively managed funds only. Avoid index funds.
 
 

Index funds don’t adapt to market changes. Active funds are better in down cycles.
 
 

Direct funds look cheap, but not better for long-term investors.
 
 

Regular funds via a qualified Mutual Fund Distributor with CFP help you track and rebalance.
 
 

You get guidance, discipline, and human advice that apps don’t provide.
 
 
4. Equity Stocks – Don’t Over-Rely
 

Rs. 4 lakh in stocks is okay. Keep it under 10–15% of your portfolio.
 
 

Individual stocks carry high risk. Not suitable for core long-term goals.
 
 

Treat it as satellite allocation. Limit exposure.
 
 

Stay invested in quality businesses only.
 
 

Avoid over-trading or short-term speculation.
 
 
5. Gold – Need to Reduce Overweight
 

Rs. 24 lakh in gold is very high. It is around 60% of your financial assets.
 
 

Gold is for protection, not long-term growth.
 
 

Prices can stagnate for years. No income is generated.
 
 

Keep only 10–15% of your portfolio in gold.
 
 

Start gradually redeeming and shifting to mutual funds.
 
 

You can use gold to prepay part of the home loan or invest in flexi-cap funds.
 
 

Don’t exit all at once. Spread over next 12 to 24 months.
 
 
6. Income vs Expenses – Room to Save More
 

You earn Rs. 1.9 lakh per month in hand. EMI is only Rs. 37,000.
 
 

This gives you high saving potential. Use it well.
 
 

Target to invest at least Rs. 70,000 to Rs. 80,000 per month.
 
 

Break it into SIPs, debt funds, and some into equity.
 
 

Emergency fund and gold already give you base safety.
 
 

So now, focus more on compounding growth.
 
 
7. Retirement Planning – Need Structured Focus
 

At 39, you have 18–20 years for retirement.
 
 

Start a separate retirement SIP portfolio.
 
 

Use a mix of equity and hybrid mutual funds.
 
 

This should be at least Rs. 25,000–30,000 per month.
 
 

Rebalance yearly with a Certified Financial Planner.
 
 

Don’t depend on PF alone. It won’t be enough for modern lifestyle needs.
 
 
8. Child Education and Family Goals – Plan Now
 

If you have children, their future needs planning.
 
 

Start a dedicated SIP for higher education or marriage.
 
 

Keep it separate from retirement funds.
 
 

Education costs are rising fast. Early action helps.
 
 
9. Insurance – Must Protect What You Built
 

Term insurance is a must if you have dependents.
 
 

Cover should be at least 15 to 20 times of yearly income.
 
 

Avoid endowment or ULIP policies.
 
 

If you already have them, consider surrendering.
 
 

Reinvest proceeds in mutual funds through a qualified CFP.
 
 

Also ensure you have health insurance for all family members.
 
 

Check if coverage is minimum Rs. 10–15 lakh per person.
 
 

Use top-up plans if base cover is low.
 
 
10. Tax Planning – Optimise Smartly
 

Use full benefits under Section 80C with PPF, EPF, or ELSS.
 
 

Avoid locking money into tax-saving FDs with low returns.
 
 

Plan HRA, housing loan interest, and NPS for extra deductions.
 
 

Use new capital gains rules when you redeem mutual funds.
 
 

Equity fund gains above Rs. 1.25 lakh taxed at 12.5%.
 
 

Short-term equity fund gains taxed at 20%.
 
 

For debt funds, gains are taxed as per your slab.
 
 
11. Asset Allocation – Time to Restructure
 

Your current structure is skewed toward gold.
 
 

You need a mix of equity 50%, debt 30%, gold 10–15%.
 
 

This will give balance between growth, safety, and liquidity.
 
 

Do this realignment slowly over next 12–18 months.
 
 
12. Investment Tracking – Do Yearly Review
 

Review your portfolio once a year.
 
 

Rebalance if any one asset class moves too much.
 
 

Exit underperforming funds and move to better ones.
 
 

Take help of a CFP for regular review.
 
 

Avoid chasing returns or timing market.
 
 

Stick to plan with discipline.
 
 
13. Psychological Strength – Stay Patient and Calm
 

Don’t panic in market falls. Stay invested.
 
 

Avoid comparing with others. Your plan is unique.
 
 

Investing is a slow, steady journey.
 
 

Focus on consistency, not speed.
 
 

Celebrate small milestones. Stay motivated.
 
 
Finally
 

You’ve done many things right already. Strong salary, low EMI, good saving habits.
 
 

Just reduce gold holding and rebalance into growth assets.
 
 

Continue smart prepayment of loan, but don’t be in a rush to close.
 
 

Increase investments now, especially into mutual funds and SIPs.
 
 

Plan separately for retirement, education, and protection.
 
 

Follow a structured plan under guidance of a CFP.
 
 

Track yearly and adjust as life changes.
 
 

Your future can be safe, growing, and peaceful with this disciplined approach.
 
 
Best Regards,
 
K. Ramalingam, MBA, CFP,
 
Chief Financial Planner,
 
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment