regarding education loan please help

Dear querist,

You have moral and legal liabilities to pay your availed loan amount. In case bank has not mortgaged any security (Unsecured loan) then they may not approach court as the fate recovery is in dark. Bank makes lot of statement during recovery but only apply those means which will help them to recover their money at low cast.

Negotiate with bank they will settle at principal amount.

Regards

Deepak Joshi & Associates

Djaa.legal@gmail.com

As per your query the loan amount was Rs. 389,000- which means bank might have given it without any security.  However, Bank must have included our father/mother as joing borrower. You say you do not have job. What about the joint borrower?

Having taken a loan from bank at concessional simple rate of interest till completion of your studies and later on with compound interest, it is your bounden duty to pay the loan.  You may approach Bank branch with Rs.200,000 and tell them to rephase the loan after accepting the amount.  Since the balance amount shall come down drastically (by your paying Rs.200,000), balance repayment instalment shall be reduced.  If branch is not cooperative, you may write suitably to their Regional Office to help you in the matter.

You should not expect a Bank to forfeit the entire amount of interest on your loan. The amount you have already paid constitutes a part of the original loan amount and part of interest accrued thereto. It is your duty to pay your debts in full. You had better settle with the Bank mutually.

The money bank has advanced you belongs to public, and bank must have paid interest for such funds borrowed as deposits from public.  Having secured good technical qualification through timely assistance of Bank, do not blame the bank.  Negotiate with the Bank and settle the amount with reasonabel interest proposed by them, if they are convinced of your inability to repay and if they are not having any co-obligants or other security.  Take care of your credit rating, as it reduces your rating, and in future you an not avail any type of credit facility from any financial institution either for business or for personal.