Education loan

ARUN KUMAR VASU (Querist) 02 November 2016 This query is : Resolved
Dear All,

I am writing to you from chennai. I had availed a loan of Rs. 125000, from indian bank in 2009. My case is a bit peculiar, my course was Diploma in nautical science leading to a B.sc.Degree from Indian maritime university. The course mandate one to complete the first year in college and the next three semesters onboard any ship. Unfortunately during my course i realized that i am a non sponsored candidate and i am required to search for the training myself. In addition, the global recession started and middlemen entered and a informal amount had to be paid to the crew to complete the training required for completing my degree. I am from a bpl family my father is a autowalla, but with great difficulty he managed to muster the 300000 needed to send me onboard. I could only complete this training this year and i am about to give my final exams in april 2017. The bank is about to file a suit in court to recover the money. How should i handle this. Shall i contat the state legal services commission for help.

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Rajendra K Goyal (Expert) 02 November 2016
You have borrowed the money and need to pay it back.

Bank is not concerned why you failed to complete the course in time.

You can prey the Bank to rephse the loan and start recovery after completion of your course.

All depend on Bank.

adv.bharat @ PUNE (Expert) 02 November 2016
Yes loan amount need to pay it back other wise NPA is increased.

R.K Nanda (Expert) 02 November 2016
contact bank and settle amicably.

P. Venu (Expert) 03 November 2016
An educational loan is sanctioned against the future earning capacity of the student. Given the amount of the loan there is no guarantee involved. No recovery is permissible except from loanee. However, it would adversely affect your credit rating.