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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R.Ramachandran (Advocate) 10 March 2018

If you ask the branch manager orally, he may be harsh and may not give you the requisite information.

But, citing your conditions (as stated herein above) write a Registered Letter (after keeping one copy with you and also the postal receipt with you) to the Branch Manager, seeking One Time Settlement. Surely you will get a reply.

However, when you say that you are not in a position to make any payment. Therefore, by asking for One Time Settlement, how will you make the payment? (Pl. don't try the One time payment request only for the purpose of finding out as to how much you have to pay.)