senthil kumaran S (content writer) 22 August 2014

About my education loan

Dear Sir,

I have taken education loan in 2005, from 2010 i have to repay the emi but i couldnt pay i got job now only even though my parents paid some amount partially not like monthly but some amount now and then as my family background is poor.Now they have sent legal notice which was given by amina stating that i have to appear ,what can i do sir can i get some more time to repay the amount but i cant repay the full amount now.kindly suggest me some ideas to save me and to repay the amount by part.

Thanks

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2 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 22 August 2014

Women can seek a lower rate as they are eligible for a 0.5 per cent concession. Banks also have special schemes, including interest subvention, for economically weak and differently-abled students.

P.THANGAVEL (ADVOCATE & LEGAL CONSULTANT) 23 August 2014

It is not stated that how much amount was borrowed and what type of security was given and also duration of the study.

Presuming that you borrowed less than 4 lacs and no tangible security was offered and the repayment commenced a after your completion of the course,the following are my opinion:

The notice which you have received could be in all probability is the summon from the court and you have to appear before them in person or through a counsel and submit all the reasons for the default which is not intentional.You may also submit to make further instalments commensurate with your present earnings and plead for waiver of penal interest,scaling down of interest and also possible OTS.

There is no cause for worry after all you are willing to cooperate and the court will take note of it positively and decide the matter accordingly.