Repayment of education loan
kamal
(Querist) 12 June 2013
This query is : Resolved
respected sir,
i have taken a education loan of 4.o lac for my mba on march 2008. but i was given only 2.92 lac rs. as disposal of loan and rest was contributed by me to get my 4.28 lac rs as a fee. it was around 1/3rd contribution. as after completion of mba in 2010, i was not having any sort of job. so i delayed emi. my repayment of loan started from june 2011. as i was not having job, i started repayment in convenient amount to me.In 2012 i started paying in lump sum, 50000 in two times than ,now i have repaid around 166000rs. n m deposting 2 or three installments with my convenience together around ranging 15000 to 30000. last two months was unpaid. as i was having little trouble with my financial health. i am not having any assets living in chandigarh on rented accomodation with my family. i am working in govt job now from last year. my father has some personal borrowing to meet my mba expenditure, on interest. which i just paid it back. now i have little sound condition to pay the emi on time, last friday one of bank staff called me when i was in middle of some last hour stress work in office, which made me to refuse to go to bank. which in revert become a issue and fight over the phone and manager get annoyed with me , and he said he will make me regret on phone fight. so now he sent a notice policy on collection of dues and repossession of security, recalling facilities.which show 10 days notice to clear or regularise in full entire outstanding dues.over dues was 29750rs for three installments of rs. 8276 per month. now total liability is of rs. 252414. and also me to pay future interest at 15.75 %. i just want to know sir, is that fair to rise interest , if i have the condition to pay all the dues in 10 days i will taken only 1. but i am not capable of repaying the whole amount. i dont have any asset lying with me. i can easily pay emi but as issue with manager he made me npa on 3.6.2013 as a back date as our conversation was on 9.6.2013. pls help me to sought this trouble as i am already paying on higher interest rate of 13% for irregularise payments. law are for help. so pls help me from this trouble sir.
Raj Kumar Makkad
(Expert) 12 June 2013
The action of the banker is not genuine. You need to personally meet and sort out the issue amicably otherwise the banker can go for recovery and your salary can be got attached with the auction of your security.
malipeddi jaggarao
(Expert) 12 June 2013
Please limit your query in brief. Lot of unnecessary information is given. First of all it appears you are not keeping communication with the Bank which has helped you for your studies. Bank has got every right to contact you and you should be polite in giving your replies irrespective your stress.
Now coming to the point, if your overdues are Rs.29750/-, immediately pay this amount and send a reply to the Bank stating that you have cleared your over due amount and you will be regularly repaying the EMI hereafter. Technically the Bank Manager may be right to treat your account as NPA as the default is above 90 days. But no Bank will apply these norms in letter and spirit more particularly when the recovery is forthcoming. Draft a polite reply that you have been paying the instalments, this over due is not wilfull and you have cleared it after receiving the notice. Hence your account can not be treated as NPA and in case, they Bank has the right to charge commercial rate of interest on your education loan and the rate applicable to education loan is rightfully applicable to your account also. Personally hand-over this letter to the Bank Manager and obtain his acknowledgement. Try to reconcile your passions. Be firm and polite in your oral representation. It should cover to points. 1) Your default is not willful. 2) Your account can not be treated as NPA and higher rate of interest can not be charged in your account.
If the Manager is still adamant, make it clear to him that you will be representing the matter to the higher authorities. Might be the Regional Mananager/Zonal Manager/Divisional Manager under whose control the Branch operates.
If you adapt these steps, I am confident that you will be out of this problem.
kamal
(Querist) 12 June 2013
Thanks a lot sir. I will do it like U say... I hope it never happen in future. As willingly I never wanted to it happen. I want to repay the amount as emi flawless.
Raj Kumar Makkad
(Expert) 12 June 2013
If you want to pay and banker want to recover then you both are at the same footing. The chance for such egoistic incidents should never happen.
