Ludhiana, Sept. 19 -- The District Consumer Disputes Redressal Commission has directed a private (Axis) bank to pay Rs.5,00,000 as compensation to a woman borrower for the loss of her original loan documents and signed cheques that were submitted as collateral at the time of availing an education loan.

The complainant, who had taken Rs.18.50 lakh as an education loan at 13.5% interest per annum in July 2018, had fully repaid the loan by July 2022. As part of the loan agreement, she had submitted several important documents including original sale deeds, non-encumbrance certificate, jamabandi copies and five blank signed security cheques.

After repaying the entire loan, the complainant repeatedly approached the bank for the return of her...