Education loan NPA account

Querist : Anonymous (Querist) 01 March 2010 This query is : Resolved
Hi, i need some information on a npa account. i'll explain the thing in detail to you and expecting a correct movement in order to finish this. I have taken a educaional loan in 2001 for my engineering. The loan amount comes to 2.6 lacs rupees in principal at the completion of my enginnering, As i belongs to a poor family background and not having the job for a longer period of time, i was unable to pay it. Now it has been declared as a NPA account by PNB from a period of over 2 years. It has now total of 4.18 lacs including interest before declaring it as NPA. So wat measures can be taken to do settlement of it. i am willing to do the settlement but i can pay maximum of 2-2.5 lacs. My entry is there in CIBIL also. I am enable to get any further loans from any bank. Please help me out of this.

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nishad (Expert) 01 March 2010
Dear..

Its unfortunate to note that you could not end up with a job offer after completion of ur engineering;but do not be disappointed...keep up the hopes..

Coming back to ur queries....

Please anwser my queries

1. Any security interst created in favour of bank?
2.Any sureties for the credit facility?

If the answer to above questions are NO, then probably you can approach ur branch manager for an OTS settlement.You can probably increase the amount to 3.00 lacs and close the entire loan through an OTS.There is every chance that bank may approve ur OTS settlement as the bank too wants to close this at the earliest, as the provisioning norms on NPA hits their bottomline.

Make an application to the bank detailing about ur genuine financial constriants and remit, say, an amount of 1 or 1.5 lacs upfront to show ur bonafide intention for closing the loan account.

All the best to you my friend

Kumar Thadhani (Expert) 03 March 2010
Yes I DO AGREE with expert Mr.NISHAD.

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