Want to repay my NPA education loan

    i' m new to this site. hope will get some rpely for my problem. i took an educaion loan on 2003 for my engineering studies. i'm from a poor family. though i got campus and got aservice but could not repay my loan due to other unavoidale circumstances. i started repaying my loan from the year 2010. but now it's a NPA account. i'm repayng 8000/- pm . the pricipal amount is 1.83 lakhs and the intrest is 36k due after my repayment. 

 i meet the bm sbi of the branch with a request to regularise the account and with a schedule to repay my loan in two years. but the bm denied to regularise my account.........i want to repay my loan but there is some querries......

1> isn't it possible to regularise my account????

2> can i avail some intrest subsidy ( i'm ready to pay within 18-24 months)

  1.yes it is possible  2.yes you will get rebet not subsidy .kindly send details.

 You have to comply the Education Loan Agreement  Terms  - First  you  try to know  what is the  over due amount - from the date  of NPA -irregular instalments - nto paid iosntallments - Firt you pay all the installmets up to date with interest .  once you clear all the over installments with interest - the remaingin Repayment Scheduel can be considered  by the Bank  .

Re-scheduling of the loan account and re-classcifying the acount into 'non-NPA' are at the discretion of the bank management.  You can apprise and convince the practical problems to the bank management, so that they may reconsider your case.  Hope that  bank has not stated any harsh actions against you.  In that case, you have seek legal remedy.

yes, you can make ur account regular by :-

1) Repay the overdue amount( Ie. installments unpaid till the date when you had started repayment in 2010.

2) talk to Cheif manager ( Credit) in SBI RO/ZO and reschedule your account.

 however interest subsidy is not available to you as you are already catagorized as NPA and Bank's Statutory auditor will rise question. 

Than You All for your valuable suggestions.........

Hi

I am a lawyer based out of Delhi and have specilization in banks NPA portfolios. Once an account turn NPA its a bad debt for the banks. And whatever you pay will be an additional income for the bank. Since your account is NPA bank must have shown it to its losses. So you keep on disussing with Bank and if you are genuily a financial week then waiver can be given to you upon deposition of amount in one go.

Cheers

Rajender Dahiya

+91 9560900283

Dear Sir,

It is seen from the facts that you have availed the loan during 2003 and probably the instalments stars from 2007. Now you are stating that you have commenced payment from 2010. Under these circumstances I advise you to obtain a copy of the terms and conditions letter signed by you at the time of execution of loan documents which will give you a fair idea about:

a) from when the instalment amount coments

b) what is the instalment amount

with the above details you will know what is the overdue amount and if possible you can repay the loan to the extent of overdue and get the accout regularised. The banker's will feel happy if you do so as your account will be a performing asset and it adds to their profits directly.

As regards the interest subsidy you may not get it.

in case of any help you may contact me on 09449088894

Dear sir,

I am golap begum. I took education loan in 2008 of RS.218000 for MBA studies from SBI. But I paid a lump sum amount i.e. 80000 on January 2013,Rs.2000 for three months, RS.70000 on August 2013,Rs. 3000 in November,Rs. 3000 in December-2013,Rs.1000 on January 2014.Still Our BM give a statement mentioned that 1009000 is my pricipal outstanding and 72000 is my accrued interest. So my total outstanding amount is RS. 181000. When my Salary is credited to my account, the local SBI branch withheld my salary is it law fully correct.

I am in doubt that after paying this amount why they did not reset my account.

Please advise me whether I make a complain or not

Dear sir,

I am golap begum. I took education loan in 2008 of RS.218000 for MBA studies from SBI. But I paid a lump sum amount i.e. 80000 on January 2013,Rs.2000 for three months, RS.70000 on August 2013,Rs. 3000 in November,Rs. 3000 in December-2013,Rs.1000 on January 2014.Still Our BM give a statement mentioned that 1009000 is my pricipal outstanding and 72000 is my accrued interest. So my total outstanding amount is RS. 181000. When my Salary is credited to my account, the local SBI branch withheld my salary is it law fully correct.

I am in doubt that after paying this amount why they did not reset my account.

Please advise me whether I make a complain or not

Hi,

In general banks, if a loan is branded as NPA, they have liberty to appropriate the credit balances in any accounts of the same person at any time including the salary. This will be in the loan agreements signed by the borrowers at the time of sanction / release of loan.

Better option would be to request the branch manager to reschedule the loan amount and to refix the instalments.

In case of any difficulty the borrower can approach the controlling office for help.

Do not seek any interest / principal concession from the bank to close the loan. As this will affect your future credit rating. This fact will be reported in CIBIL data base and there are chances that such persons will not get loans from any bank / financial institutions in future.

Better option to close the loan in the normal course.

with regards

mrr gupta

Dear Mrr Gupta Sir,
 

Thanks for your valuable advice. But I come to know that sanctioned amount was Rs.243000 and I withdraw only Rs.218000, and they charging intrest on Rs.243000. When I pay Rs.80000, at that time if it will reset my account then It turned into regular but they didn't. So in this matter what I will do. If it will be standardized then the intrest charge will be less.

Please help me in this regard.

 

Regards

Golap

hi,

normally, the bankers do charge the interest on the amount shown in the balance coloumn. the interest get compounded after the education period. Till such time the interest is on simple method. In order to have correct facts, pl. request the branch manager to send you the soft copy of the statement of account of your education loan account. On receipt of this, you may forward the same, so that I can give you the information to the best of my knowledge.

with regards

MRR gupta

Dear Sir,

I have taken 1.17 lakhs education loan in 2006. Now I am having 1,34,000 due, already paid Rs. 92,000/- . Now, in budget They declare, the central scheme to provide interest subsidy on educational loan,the students who taken loans with in 31 st Mar 2009. Now  my loan became NPA  is am i eligible for that scheme?... pls let me know the details.

I am awaiting for your valuable replay,

Regards,

Vidya