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Manigandan   17 December 2018

Education loan- defaulted

Respected LCI dignitaries, I have a query and clarification regarding my education loan defaulted status. I have borrowed 75000 in SBI and presently my Edu account is defaulted due to my unawarness and inability under various financial circumstances. Now the total amount has been rounded up along with interest is 109000. I went to bank and inquired about the repayment and I was informed that my account has been added into defaulted state and asked to pay the amount on the whole. My query is will I be at least given a chance to pay in four or five installments as I am not able to pay the amount full. I kindly request you to help me out and clear my bad cibil score due to this.


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 1 Replies

G.L.N. Prasad (Retired employee.)     18 December 2018

Submit such representation to the Bank under copy to higher authorities and request them not to recall the loan and first repay the entire default amount and with their permission continue to repay balance installments.  But, before bargaining pay the exact default amount.  Unawareness, inability etc., are not sound arguments for default.  Express some other genuine difficulties.  If the bank fails to honour raise a personal loan with some other bank/Private/NBFC  and liquidate the advance and save your CIBIL score.


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