Hello everyone,
I had taken an education loan of Rs 15lakhs for pilot training in US in 2007 against our property. I completed my course by 2010 .I have been trying to get a job as a pilot but still no luck. As my father has retired we have been unable to pay the whole loan amount..We started paying the interest from 2011 somehow and now the loan has amount has gone upto 29 lakhs..Now we are planning to sell the property since we have no other option left..We tried to talk to the bank to lower some the amount as we are now willing to pay the whole amount at once but they are not ready to lower the amount ...Also if we miss any installment they threaten us to take us to the court and send us letters and call us all the time..We have lost a lot of money in paying the interest and now we will be paying almost 29 lakhs...Is there any legal way or clause by which we can ask the bank to lower the total amount since this is an education loan....Please advice
Thank you!
