EDUCATION LOAN
Arjun
(Querist) 28 August 2016
This query is : Resolved
Heloo every one kindly help me outi had taken 1.89 lakh
Loan form sbi for 2008 to 2012 .. i paid them july 2013 to april 2014 after that due huge fanancial crisis i could not pay my loan ... after that branch manager sbi contacted me in oct 2015 ... as i am job less at present and a tb patiemt so in oct i asked help from my friends they help me from oct 2015 to june 2016 i paid arround 60000 And i had paid 45000 form july 2013 to april 2014 ...out of 1.89 lakh loan i have paid 105000 ... at presnet i am totally job less aftet august 2015 due toy health pbm ... i cant pay at least 1 year i am totally disturb what should i do.. i am job les i am tb patient at present ... how should i tackle bank ... they are harrasing me ... i want to pay back but my situation is not letting me to ... pay ... iam form very poor family ... my mother is widow ... i am alone in my home ... we are almost starving ... hw can bank think me to pay back at present . Kindly suggest me what should i do
Ms.Usha Kapoor
(Expert) 28 August 2016
What collateral security you've offered to bank a the time of bank advancing Educational LoAN? How MUCH IS IT WORTH? Loan REPAYMENT PERIOD COMMENCES FROM WHICH DATE AND YEAR> Without KNOWING THESE DETAILS i CAN'T P[PROVIDE SATISFACTORY REPLIES TO your QUWRY. For WHICH COURSE YOU SOUGHT EDUCATIONAL LOAN. IS THAT COURSE MUCH IN DEMAND IN THE JOB market> Please COME OUT WITH ALL SUCH DETAILS AND GET CORRECT LEGAL ADVISE.
Rajendra K Goyal
(Expert) 28 August 2016
Most of amount paid by you is gone in payment of interest, major part of principal remaining balance.
Generally no collateral in the form of mortgage is taken for a loan of Rs. 1.89 lacs. Third party guarantee from parents / co borrower may have been taken if needed.
You have taken loan, it is your and your guarantor's moral and legal liability to pay. Bank is not concerned with your non employment or illness, legally no agreement to waive loan in such conditions may be existing.
When you have nothing to pay, wait for the conditions when you would be able. Bank can not be checked to take legal steps.
If case is sent in Lok Adalat at any time and you be in a position to pay, agree and pay for the outstanding principal(with minimum simple interest if Bank does not agree) before the lok adalat.
P. Venu 
(Expert) 28 August 2016
Educational loan is granted against the future earning capacity of the student. Loan upto Rs.4 Lakhs requires no third party guarantee or collateral.As such, the liabilty cannot enforced against any third party, parents included. However, outstanding loan amount would adversely affect your credit worthiness.
Kumar Doab
(Expert) 28 August 2016
Explain the difficulties and request to restructure.
Raj Kumar Makkad
(Expert) 31 August 2016
I have also the similar opinion as given to you by expert Goyal.
Rajendra K Goyal
(Expert) 02 September 2016
These days Banks are selling insurance policies with educational loan, if you have such policy read the terms and if you can derive any benefit, may proceed.
Guest
(Expert) 02 September 2016
Please Do Not Issue any Cheque for the Purpose of interim Relief and it would Land you in More Trouble.Also Go For One Time Settlement after One year Once you are able to Pay Other wise all your Payments would be adjusted for Interest.Handle it Carefully and Collect the Consent Letter from bank before making the Payments.Now the Banks are Transferring the Loan it self to Private Companies and their method of Collection is Very Harsh and in Tamil Nadu One Student had Committed Suicide when the Private Company People took away his Certificates.So Be Bold and handle it Carefully.
