Hi, i need some information on a npa account.I have taken a educaional loan in 2008 for my engineering. The loan amount comes to 3.28 lacs rupees in principal at the completion of my enginnering, As i belongs to a poor family background and not having the job for a longer period of time, i was unable to pay it.
Recently i got received one letter from State Bank of India in 1st of April 2016 about my present outstanding is Rs.547939. yesterday i got received message from Reliance ARC like SBI has assigned my education loan account to Reliance ARC for Recovery. Till i'm searching suitable job for my profile and also preparing for bank examination. as on 19-05-2016, my outstanding amount is Rs.563529.
So wat measures can be taken to do settlement of it. My relation is willing to do the settlement but they can pay maximum of 3-3.5 lacs. can i do this as one time settlement and close my education loan? please help me out of this.
