Regarding education loan settlement

Bharti (Querist) 19 February 2019 This query is : Resolved
I have taken 2.75 lacs educational loan from Allahabad bank in 2009 for my B.tech.After completing my course in 2013,since my salary was low ,I was not able to pay my EMI.After 1 year of my job I got married, left job.Till date I am not working as I have to take care of my child.Now Bank is asking me to pay 25000 first and my outstanding loan amount has become 4,35,000.So my query is if I won't pay bank since I'm not working, Will they take legal action against me?Will they do criminal fraud case against me?

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Guest (Expert) 19 February 2019
Any amount you pay now would be adjusted only in interest payable. Better meet the very senior officials of the concerned Bank and go for One Time settlement reducing the interest to the maximum level

Vijay Raj Mahajan (Expert) 19 February 2019
You are bound by terms and conditions for student loan of the bank, check those first, you can settle the complete loan by some adjustments in amount that the bank will agree but principal amount and minimum interest thereon will have to be paid by you.
Cases of cheque bounce under s138 NI Act can be made if you had give post dated or undated bank cheques to the bank that they take in most cases of loan and the person who stood surety for you will also be in involved if you are unable to repay the loan amount. All these are cases that will be coming forth.

Dr J C Vashista (Expert) 20 February 2019
You will have to repay or face consequence.

Sudhir Kumar, Advocate (Expert) 20 February 2019
You have to pay.

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