Haji Danesh univ blamed for teachers’ loan repayment woes

More than 400 teachers and staff of Haji Mohammad Danesh Science and Technology University of Dinajpur (Habiprobi) have been compelled to repay the loans taken from Rupali Bank's Danesh University branch of Dinajpur at compound interest instead of taking it at simple interest.
According to the allegations of the teachers and staff, they have to face the problems due to the mistakes and irresponsibility of the university as the authority had not played its proper role during signing of the agreement with the bank for disbursing the loans.
According to the allegation, a corporate loan agreement of Tk 200 crore was signed between university branch of the Rupali Bank and the university authority on March 14 in 2018. But, the university authority received only Tk 130 crore as loan. Later, the university authorities distributed the money as loan to more than 400 teachers, officials and employees of the university.
Due to the negligence of the university authorities
the teachers, officers and employees have to repay more interest on the loan to the bank. Before the agreement, the teachers and staff were informed that the interest rate on the loan would be only 9 per cent of the simple rate. But the contract was made at a compound rate of 9 per cent instead of 9 per cent of simple interest. The matter was not informed to the teachers and staff who took the loan. After the month of March 2018, some 404 teachers and employees have been repaying their loans in simply interest rate. But they were charged at a compound rate.
According to the accounts of the university, a loan agreement of Tk 200 crore was signed on March 14 in 2018 between the university and the university branch of Rupali Bank. The agreement was signed by the then registrar Prof Dr Safiul Alam, who had already died, on behalf of the university and Rupali Bank university branch Manager Pabitra Kumar Roy.
At that time, a total of 404 persons had taken the loan of Tk 130 crore. Out of which, some 105 are teachers, 108 officers and 191 employees. Those who were given the loan were informed that the loan would be repaid in over 15 years in 180 installments at 9 per cent simple interest rate. By doing this, one will have to pay an EMI (Equal Monthly Installment) of Tk 1,015 for per lakh per month.
Already 52 months of repaying the installment have passed since taking the loan. Out of this, installments of 37 months have already been paid. In the meantime, 15 months EMI was not provided as per the circular of Bangladesh Bank during the Corona period.
In July this year, the borrowers came to the bank to know the amount of principal loan reduction with the bank and saw the manipulation. They came to know that the EMI of the loan was given to them at 9 per cent simple interest rate is not being taken in simple interest, but compounded or in some other way.
Learning from the bank, the borrowers informed the university authorities about the matter. Learning the matter, the university authorities wrote to the Rupali Bank to resolve the problem. In the meantime, the matter was also informed to the higher authorities of the bank. Rupali Bank assured to resolve the matter.
When contacted, former Proctor Prof Safiqul Islam said, "The EMIs were received in a different way instead of simple interest from those who had taken loans. We have requested the bank to adjust the additional amount collected from us. However, no decision has yet been received in this regard."
University's Registrar Prof Saifur Rahman said the agreement was made at that time did not include simple interest or compound interest. Those who contracted it at that time are supposed to see it. A letter has been issued to the bank to adjust the amount over and above the amount received at the compound rate. It has also been requested to decrease the simple loan interest from 9 per cent to 8 per cent.
University's Director (Accounts) Mizanur Rahman said those who had taken loans will have to pay 180 installments. As a circular of Bangladesh Bank, we have not paid 15 installments due to Corona. But the Rupali Bank adds 15 months EMI to capital. If this is the case, Rupali Bank has disobeyed Bangladesh Bank's circular or instructions. The authorities must have look into the matter.
Manager of Rupali Bank Haji Danesh University branch Gautam Chandra Roy told this correspondent that the Habiprobi authorities have applied to revise the agreement that was made for the loan. "We have forwarded the application to the higher authorities. The higher authority will take their decision. I was not in charge at the time of the contract signed in 2018. So I can't say details about it."