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aparna (junior practising lawyer )     19 January 2011

education loan

 

sir

banker have given education loan to a student  of rs 2-25 lacs 2 years ago on the basis of some fraudulent documents now.

the victim of the case has approached the banker and agreed the mistake and he is seeking some 1 year time to repay thE same.as his father is jobless and entire family is based on his income only but banker has not agreed and he want to proceed legally ..

 

he has no intention to deceive further but need a time to extent around some 1 year due to financial crisis .. please advice to plead him and grant time .

 

now my question is on what basis i can plead time on behalf of that student ..

can court can excuse and grand time for him ??

 

he has no intention to deceive further but need a time to extent around some 1 year due to financial crisis .. please advice to plead him and grant time .

please suggest at the earliest ..... 



Learning

 4 Replies

A V Vishal (Advocate)     20 January 2011

You are exposing your client to unwanted complications, however, tell the entire sequence of events for advise.

alexandercruz (manager)     21 January 2011

HELLO,

Good Day Sir, Can you give me full advise about  education loan and how we get this and how its procedure.

================

seo services

Syed (Student)     23 March 2011

Dear Sir,

Sub: Personal Segment Advance – under education loan scheme – term loan of Rs. 300,000 borrowed from State bank of Hyderabad, Masab tank, Hyderabad branch.

I wish to inform your kindself the following for legal guidance and your esteemed opinion.

1.       The Education loan was taken in two installment @ 1.50 Lakh (on 5-7-2006) and Rs. 1.50 Lakh (01-01-2007) for higher studies (M.S.) @ 11% interest per annum.

2.        Accordingly I have fulfilled the purpose of loan and successfully completed my M.S. from Sweden in 2008 March.

3.       As per agreement repayment of loan commences one year after the completion of course i.e., March (2+1) =3 years moratorium 2009.

4.       The loan is sanctioned on the basis of a 3rd party guarantor.

5.       Unfortunately up till now I could not secure a salaried job. I am doing some odd job work hardly sufficient for my livelihood and parents care.

6.       Nevertheless I have arranged some money and repaid about Rs.70,000 in various installment as and when I could afford.

7.       But since last five months the bank agreed upon an amount of Rs. 4050 as an EMI on regular basis and it is being directly deducted by the bank from my Father’s pension who is a senior citizen and heart patient.

8.       Now the bank in spite of accepting monthly regular payment of Rs.4050 issued a legal notice for the recovery of accrued interest of Rs.164,000 (as an interest from the date of the sanction of the loan i.e. 4 years 11% some where equal to 164,000 with penal interest).

9.       The bank has informed that the loan is repayable in 90 months @ Rs 4050 EMI.

10.   It seems the bank has not considered the Moratorium period and imposed interest from the date of sanction of the loan 05-07-2006

The serious concern is that the interest should be levied after completion of the course added with one year grace period  but my bank is charging the rate of 11% interest from the date of the sanction of the loan and the total amount us as below: -

Loan Amount – 300,000

Interest 11% for – 165,000

----------------------------------------

Total due              4,65,000 (As per bank notice)

 Although occasional payments around Rs. 70,000 before the commencement of regular EMI of Rs.4050 since last four months but still I have been given a notice for paying Rs.165000 in total 7 days and failure do it legal action will be taken against me.

So, I want your kind help in this regard. How I could settle this matter and how my interest will be deducted.

Yours truly,

Syed

my email id is hi.ahsan@h

Arunkumar (no)     13 August 2013

Respected Sir,

 

One of my friend got loan 300000 from a bank on 2008. Now they are charging interest alone 122000. the banker asking him to pay 60000 within a month. and also they sent a notice. he do not have that much of money now. he is getting 7000 rs monthly salary. but the banker asking him to pay 8000 rs per month. he is the only person earning for his home. please give some advise to us.

 

 

Thanks Sir


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