Urgently need information on education loan settlement

Dear Student,

 Education loan upto Rs. 2.0 lakh is given as unsecured loan. So it can not be enforced against your any specific asset. Otherwise also as you said you have no means / assets from where bank can recover it. There is not much bank can do in such a situation. If there is any co-borrower or guarantor, bank can proceed against him even if it prefers not to proceed against you.

It is not advisable to pay by borrowing from private lenders who will be charging you a very high rate of interest and there will be other obligations. It is not also advisable to think about defaulting on educational loan.

 Please convince bank officials about your financial position and give proper repayment solution.

First and foremost, do not listen to your friend who appears to be a wilful defaulter and wishes to dupe the bank. An institution which had helped in time of need should be treated with some respect it deserves.

Your Educational Loan must have been given jointly with your parent ie. Father or Mother.  Therefore, all the details of yourself, your family must be with the Bank. Of course, only if you have provided correct details. 

Even when your loan per-se was given as unsecured loan, Bank if they decide can proceed against your and your family's movable and immovable assets. Therefore, do not be under some impression that bank cannot do anything.

Therefore, approach the Bank Officials with your Parent and discuss the issue thoroughly and try to pay the dues as early as possible.  Please remember unless existing borrowers repay, bank shall not be able to give loans to other students in need of loan.

While I fully agree to the views and opinions/suggestions made by Mr. Sivaramaprasad, I would like to inform that you do not raise queries here to cheat and escape the loan liabilities fraudulently.  This forum is not for advising wrong things or will guide anyone with illegal ways to defraud anyone including the bank.  Better ignore your friend's misguiding attitude and try to resolve your own issue by following the proper and legal steps to come out of the crisis. Do not ever have any intention to cheat the bank anytime.

I have repaid my education loan with sbi under NPA Status. But it is still showing as WRITTEN-OFF in my CIBIL Report. I currently have two more house building loans which i am paying properly and has no issues with them and filing ITR properly with an income as shown Rs 311000/-. But as my CIBIL score is 560 i failed to get a credit card. My questions are :

1. How can i solve my WRITTEN-OFF status to "Closed with Nil Dues" with SBI?

2. How can i get a minimum balance credit card against a fixed deposit?

I deal in IT Services business so i need to buy online regularly and my debit cards are not supported by all online purchase mediums, they need a credit card. So, how can I convince my banker "bank of india" and "icici bank" to give me a credit card against a fixed deposit?

3. Should i approach ombudsman for a solution with SBI as i have repaid their loan under a settlement as suggested by them which may now hurt my cibil score. Can SBI still do anything so my loan status comes as closed with no dues, if so what are they and what i need to do?

Hi Experts,

If OTS is done how it will affect the cibil score.For ex-i have taken study loan(below 2l ac) from SBI and if OTS is done is there any chance that in future i wont be able to take any loan from SBI or any other banks also?

At the time of availing the loan,pan card was not there.Now i am hearing that they are collecting cibil data from database.Is there any solution for this. Experts please suggest.

Hi..
Bank forcing me to one time settlement. I availed around 2 lakhs(2007 - 2012 (inclusive of two loans)) but with all interestbank forcing now the loan amount is 3.5 lak... bank manager asked me to pay OTS of some amount.

Manager said after paying OTS it will reflect in cibil upto two years... after two years it will not reflect in cibil.. is this true?? 

can I go for OTS. awaiting for your advise.

Thanks

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