Educational loan dept


I had borrowed educational loan 3L from bank of India in the year of 2009-13 for my UG B.E degree.now the total loan amount is around 5.5 lakhs.before one year only I got job.bank asked to repay the loan.now my salary is low.i am only earner in my family.i have dept around 5 lakhs from other sources.bank called me every day.now only am married too.my job is not secured.every day am scared. totally confused nd mentally affected. My salary is around 18k.i need to pay around 14k for interest for other depts.kindly help me out from these problem sir
 
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Lawyer

Discuss with Branch Manager of the lending bank, however, you will have to pay back the loan amount with interest.

 
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Retired employee.

You ought to have thought of all this probabilities before applying such loan and interest burden.  The more the delay, the more interest burden due to compounding rate of interest.  Bank is empowered even for attaching the part of salary and proceeding on guarantor.  

Precisely inform what  kind of help you required from members ?   The law is that the amount that is borrowed should be paid with all such agreed interest or face the consequences of such default /NPA brand permanently  and also the additional burden of other incidental costs due to default.  When your salary is Rs.18,000/- on a temporary job  and when you have to repay Rs.14,000/- to others every month, the interest burden on 5.5 lakhs itself amounts to Rs.5,000/- per month without single rupee for sustenance of family. (wife and may be would be children)

Hope those who still want to avail educational loans without any foresight of consequences, if some thing may go wrong, may learn lessons from your experience.  (There were many such posts earlier)

 
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