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What should i do if i am unable to repay my education loan

Hello!! I am Debaditya Adhya.I took amount of Rs. 2 lakhs Education Loan from SBI in the year 2008. My Education B.Tech in Computer Science, completed in the year 2011. And I was repaying the loan from 2012. and a amount of Rs. ~ 84000/- was given to the bank till the year 2013. Now I am an contractual employee and getting only Rs. 10000/- per month. I am the only Income person in my family. I told to Bank Manger that I will repay the loan once I will get a good job.But he is threatning me and saying to file a case againt me that would herm my life..after giving 84,000/- of Rs. 2 lakhs outstanding amount showing 177000/-. Can the Manager file case againt me?Will it herm my daily life??What should i do now??Please assist me in this case.

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3 Replies

Kumar Doab (FIN) 30 June 2016

Transact in writing under proper acknowledgment.

Explain your hardships and request to reshedule.

JustAdvisor (IT) 30 June 2016

you can either request for moratorium or restructuring. A 5 year restructure at 12% will cost you an EMI of 4k (at your current outstanding). your salary will rise at 10% if you are a good performer and after first 2 years you won't feel the burden so much. who knows you may also get a new job in between.

binay (advocate) 02 July 2016

I agree with Mr Kumar and also with just advisor. Mr Kumar provide the way to Ur problem and Mr just advisor explain it in a better manner. But in my view go for OTS(ONE TIME SETTLEMENT)

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