Bond with company(company has taken loan from a bank)

Dear Friends,

I am working with a MNC (company size: more than 5000 employees). I and my colleagues are in big problem after joining the company 6 month back. Company has taken 2.5 lacs INR of EDUCATION loan from a nationalize bank on our behalf. As per our offer letter there should be a extensive 3 month training in there academy for which they are taking this money, after the training there will be 4 year bond with the company, if we leave the company we have to pay 2.5 lac to the bank. Now after 6 month suddenly bank blocked our 1500 INR from salary and now they are saying we have to take insurance for the loan we have taken. Company is not even taking any responsibly for these. The bank people are saying that we have to take this or every month a amount of 1500 INR will be blocked.Nothing is mentioned in the offer letter about this.The bank is located in company premises. They follow whatever company wants. The company also show the loan interest in our salary slip. But company deduct 750 INR every month from our salary on behalf of group medical Insurance, which they don't show in salary slip.

Company's environment is not good, We feel very exploited there. They cheated us no certificate is provided for training,and training was very bad. We all want to left the company. Please guide us, can we take any legal action against company and bank? Or some how we can leave the company without paying 2.5 lac to bank.

which bank is this ?
The bank can't force you to get insurance.
Did you sign any deal with bank or any papers regarding this loan amount.
If you didn't sign any deal or papers, the bank never chage you for setteling the loan & you can leave the organisation any time.
If The the bank is doing as the company want. Just put a return request to the H.O of the bank by mail & Regd Post. If the H.O not responding on this issue, you can file a case against bank & company on behalf of above noted proof, in Consumer Court.

For complete solution plz contact to the layer.

Rgds/Jitender

It is Union bank of India. They also do not issuing any statement for our salary and loan account.

Regards

Jayansh

Hi Friends!

I'm also the victim. Not only me but around 500 Graduates are suffering from this. It's true that the company has simply cheated us!
Knowingly/Unknowingly we have already signed the papers produced by Company along with bank.

Now we are in big trouble. As far as my case is concerned after six months company pressuried me to work in Sales Dept. My department was changed for 3 times in just three monts without my consent and/or prior written info. I'm technical person & how can i work in Sales? I never ever thought of being a Sales personnel!

Kindly advice!