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.