Regarding my education loan
Kumar
(Querist) 16 February 2016
This query is : Resolved
Dear Sir/Mam,
I was granted an education loan of Rs 3,99,000 in the year 2009 which now became 8lakhs. After completion of my course I had to struggle hard for Job. I got job after 9 months with a payment of Rs 8000 only. I requested(in written) my bank to extend repayment period for few years so that installment amount get reduced and within my payment capacity. Bank manager replied he will forward it & inform me. After few months I made the same request but he said he will inform me once its approved.Unfortunately an year back I had to leave my job as I am suffering Liver Fibrosis 4th stage and is on rest, can't even travel without someone as nausia & pain starts anytime. A few days back I got a letter from bank stating if I fail to repay full amount within 10 days they will take legal actions against me, they had already reported to CIBIL. Please guide me to take right step in this situation and let me know what legal steps canbe taken against me
Rajendra K Goyal
(Expert) 17 February 2016
You have taken loan and is liable to pay back.
It would be better to discuss with Bank for settlement, arrange money and pay the settled amount.
CIBIL records are automatically updated and does not specifically informed.
Kumar
(Querist) 17 February 2016
Dear Sir,
Thanks for the reply. We met BM a few days back & informed him about the situation & requested to extend repayment time so that installment amount reduces & we start payment but he ignored & said he will take legal action. Can u please let me know what legal action he can take as per the law & how shall we reply.
Best Regards
Sagar Kumar
