Educational loan
SARAVANAN
(Querist) 25 December 2017
This query is : Resolved
Dear Sir,
My self Mangalavalli Taken Education Loan in Indian Bank sanctioned Date 21/10/2005. loan amount 1.5lakh.
after completing my degree i have struggled to get jobs any how my father repayed some amount and last year he paid 1.5lakhs
still now we have paid more than 3lakh against the loan. yesterday i met bank manager for final settlement but he informing us another 1.17lakhs to be paid. by comparing priciple and total paid amount is almost 3times can you please guide me how to tackle this issue.
Kind regards
Mangalavalli Saravanan
Sudhir Kumar, Advocate
(Expert) 25 December 2017
interest keeps adding if the dues are not paid.
you have nowhere stated if the calculation of interest is wrong.
R.Ramachandran
(Expert) 25 December 2017
You have posted this question both in Forum and in this Expert Segment.
If Forum you have stated that the loan was sanctioned on 21/10/2005, but in Expert Segment you have stated the date as 21/10/2015. I take it as 21.10.2005.
You can approach the Bank concerned by writing to them stating in detail the circumstances which you underwent, the amount so far paid by you, and requesting for waiver of interest and to close the bank account.
They will definitely consider your case in a favourable manner.
After writing the representation, keep on reminding them every month.
If they do not react positively, then approach a good samaritan lawyer in your locality and request him to take up the matter with the High Court by filing writ petition against the Bank.
Wish you all the bests.
SARAVANAN
(Querist) 25 December 2017
Thank you so much Sir.
Kumar Doab
(Expert) 25 December 2017
Th settlement is adverse entry in credit records.
If there was default in repayment then by now it might have been reported to credit bureau's e.g; CIBIL.
If you wish to strike settlement then include that lender/bank shall cleanse your credit history and call back your name.
P. Venu
(Expert) 26 December 2017
Please verify the calculation is correct esp. with reference to the interest charged and the interest subsidies occasionally granted by the Government. The interest for educational loans ought to be at the Prime Lending Rate.
Kumar Doab
(Expert) 26 December 2017
Same Query:
http://www.lawyersclubindia.com/forum/Education-loan-repayment-157863.asp
Sankaranarayanan
(Expert) 26 December 2017
you straight away approach the Circle office Debt recovery officer and request for the waiver of interest as suggested by learned friend Sri Ramachandran. The office will consider your request and follow according to their advice
