I have an Education loan of 7 laks and have already repayed somewhere around 3-4 laks so far. I received a demand notice in Aug 2016 ragarding the loan to clear my dues which is somewhere around 2.7 laks. (No colateral, Only guarantor)
I spoke with the bank manager (who is not at all corpporative) regarding getting some time, but he was keep on saying that I had to clear the full due with in a week. Tried to talk to them multiple times at last one nice guy who was an assistant manager helped me to get time till Dec 2016 to clear of my due if I pay some amount at that time. Hence I made payment of 1.2 laks and infomed them that I will make the rest of the payment by Dec 2016.
But now, due to demonetisation things have changed up side down. Some people who promised that they will help, wasn't able to get me the money due to demonetisation. I tried my level best to arrange some amount, but I was only able to arrange 25000, which I have already transfered to the bank.
Now I don't know what needs to be done, first of all the bank people are not at all corporative to listn to anything. I heared that there is a relaxing time offered for loans by central Gov. Is that applicable in my case? Please provide your valuable suggestions.
I am the only earning member in my family and my wife is expecting with due date end of this month. So all I would need is more time. Due to demonetisation people do not have money where in I can arrange from someone. Please advice.
Thanks in Advanec.