Anjana Rajamohan 10 March 2018

Urgent opinion on one time settlement of education loan

I am Anjana, I have taken a loan amount of 4,50000/- from union bank of India. My date of repayment was on September 2017. I could not repay the amount because I got married then I was pregnant and I couldn't go to work due to some complications in my pregnancy. Now my child is one year old and there is no one to look after her other than me so now also its impossible for me to take up a job. We have some other payments going on so my husband can't help me on this. I need a one time settlement right now the amount is like around 7 lakh. I cannot pay that much. how can I get a reduction in the interest rate? I do not know where I should ask this the bank manager he is very harsh and won't give any information. please do help me

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Subbaraju Venkata 10 March 2018

bank insists for property security. one time settlement will only entertained when the loan is classified as loss asset. Bank proceeds on the collateral property and then against the borrower and compliant. As advised by earlier expert send a copy of your offer to the customer care dept. of your bank. Make a mention about your bank manager's harshness too. It all depends on the availability and realisation of available securities. Give full details to advise you further.