Soumen Das 30 August 2016

Settlement of education loan

Hi All

I had borrowed education loan of Rs 3.2 Lac from UBI Bank in 2010 for pursuing MBA in a reputed institute. I belong to a poor family and the bank issued loan for me without any security on behalf of my merit and my father's income. It is a joint account including me, my father & my mother. I completed MBA without any campus recruitment and struggled a lot for a job. After approx 1.6 year of struggle I got a job with only 10k salary. From 2014 i am repaying my EMI but not as per bank calculation. (Actual EMI-9.4K P.M & Paid EMI-4-5K P.M)

Now my father is a dialysis patient & retired from his service. Now my father need 3 times dialysis in a week & lots of medicine, so this is very costly for us & we are unable to effort it & continue my father treatment. All saving are exhausted for my father treatment but still he cant talk & walk. I am the only earning member of our family. The bank is calling to my family and pressuring us to clear all outstanding. I am ready to repay the loan & still now i am paying EMI in every month approx 4-5 thousand. The interest and principal combined amount is Rs 4.5 Lac now. It will take too much time to repay. The Bank is calling me every week & coming to our home also. They are threatening me to repay whole outstanding otherwise they will file a case against me & call the police.

I had shared my situation with Branch manager many times & informed him that my relatives are ready to pay principle amount on behalf of me, so please take it & settle the loan account i am helpless but they are not ready to understand my situation. In this situation my family getting tense.

It's a critical moment for me, please help me with best possible way.

Thanks

Soumen

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2 Replies

Kumar Doab (FIN) 30 August 2016

You have passed MBA from reputed Instt. and did not get campus placement and then a job for 1.6 years and then job @Rs.10000/pm!

The s

oloution lies with bank only.

Instead of making verbal communications for settlement @ principle amount, try and meet circle head or write to MD.

If possible before you write meet a good counsel specializing in banking/consumer matters.

Deliquency would have spoiled your credit worthyness.

Settlement is adverse entry.

matt 02 November 2016

Well This is a very common situation in India.as millions of Students are passing out every year from Engineering and MBA and then struggling for the job. Better is to contact their Circle head and Branch manager and give them application in written and take their reply in written too. it will be very helpful for the future.

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