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It depends. If:

  1. you have a monthly loan repayment agreement with the company wherein the company automatically deducts your monthly payments from your savings account or
  2. you have defaulted on your loan payments for more than 2 or 3 months and haven't contacted the company reg. the same

Then, the company can withdraw money from your account (if there is any cash available) towards your loan repayment. Otherwise the company cannot deduct any money from your account without intimating you.

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Q: Can a company take money from your bank account without permission?
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