I have taken an educational loan from UBI in 2005 for an amount of Rupees 1,90,000/. I completed my course in 2008 but due to recession was unable to get a job however from then I have been struggling to earn enough to complete my loan outstanding after meeting my regular necessities. I have recently got a job with a monthly salary of INR 10,000 a month I recently visited the manager and requested him to arrange for a restructuring in the payment so that I can pay my loan The manager is asking to settle the account with a total amount of 2,90,000 rupees by March 2014 which is absolutely not possible for me i have even mailed a letter to the manager & Chief Regional Manager with my request where in I mentioned i can pay an EMI of Rupees 5,000 at the maximum a month. I have not received any reply letter still now however the manager is calling me & informing there is nothing else he can do apart from what he mentioned earlier. Please advise what can I do so that i can repay my loan meeting my regular necessities with this minimal income.
Awaiting your response, with best wishes.
