Bank forcing for OTS on education loan

Please suggest the best way to settle my loan I din�t hv my father anymore my mother keeps sick. Due to insufficienr funds I have made it smaller.

Please suggest the best way to settle my loan I din�t hv my father anymore my mother keeps sick. Due to insufficienr funds I have made it smaller.

Please suggest the best way to settle my loan I din�t hv my father anymore my mother keeps sick. Due to insufficienr funds I have made it smaller.

Dear!
From the tone of ut, I can gather that it has been a long time since the tussle between you and bank. The best way to deal with the OTS for you is to request the bank to make EMI on the OTS so that you don't have to pay the anount in lump sum. If the reason is genuine, the banks are ready to negotiate. Do not make false promises or attempts to avoid the recovery agents, it will further deteriorate your position. Be honest, tell them about your situation and ask for a payable vreakdown of the amount. You may have to pay some interest on the same.
Do not expect them to be avoided somehow, they will not let you off until the amount is recovered either in cash or kind.
Good Luck!

Please understand that Bank has not donated the educational loan out of it's coffers.

The money was secured from Public in form of  deposits to advance persons like you for educational loan with concessional interest and even subsidy.

Bank officials are responsible for proper return of the deposit back to public.

You have carefully considered your repaying capacity, applied for a loan, assured them to return promptly, understood their rules and availed the loan.

You have used the money for your education, benefitted  and now when bank want you to refund the money, 

You complain in forum that bank is forcing you for OTS.

Bank can not force OTS.  Because you have failed to repay the monthly installments as per agreement, they wanted you to go for OTS.

It is upto you to settle the amount, as Bank can recover the amounts in their own manner, and once your credit rating comesdown you can never borrow single rupee from any financial instiution.

The ethics and morale are involved.   Every one of us are having one problem or other, if the bank demands for repayment of a loan.

Decide to settle it somehow.

I am not an mba to get a job of 30-40k just a undergraduate. I had been paying the emi till 2016 but after 2017 I was not able to pay the emi as I had lost my job for which I informed the bank about it. I rejoined in December. In december end when my mother had a kidney removal surgery that costs 3 lacs I had to take up all the expenses as I have no elder guardians neither my father. So I have two dependents on me as prior responsibility. I was paying it back & still want to pay. But the bank is asking me to give the one yr int in lum sum & @ then again continue the loan repayment. Talking of the settlement out of 3.5 lac they are just compromising 2.5 which is not possible for me as of now. I requested the bank for some time or else compromise to 1lac but they arenot agreeing to settle. If at all I had been capable of the whole amount I would have done that then & then but it is not only difficult for me but also impossible to arrange 2.5 lacs. I am under treatment for mental depression already.

My Dear Young Man,

 

Educational Loan was given to you to help you in your time of need and necessity. On the fact of it, you seem to have difficulties with regard to health of your Mother and securing a good job.  However, repayment of Educational Loan is NOT I repeat NOT subject your getting good job etc. It is to be repayid as per the repayment schedule you and your father agreed. I am sure you father, who is no more now, too must have signed the loan papers jointly with you. Or may be your Mother too joined in executing the loan papers. When you had lost job, it appears you merely sent a letter to Bank and left it there, as if it is for bank to stop the repayment depending upon you have job or not.  You should have approached the Bank then itself with all your difficulties and requested for rephasing the instalements. Things would not have come to this level. Anyhow, even now, please write a proper representation enumerating all your genuine and verifiable difficulties addressed to the Branch Manager giving a clear and sustainable  repayment schedule ( be reasonable here) and how much amount you shall pay in lumpsum if your request is permitted. Kindly note that unless students who take Educational loans repay, Banks cannot further lend to students like you again.

 

Already, in banking circles Educational Loans have got a very bad name because of non repayment and callous attitude once the loan is availed. Please go to the branch as noted above and get the matter settled like a good citizen instead of running to Lawyer forums.

Exactly concur with Kappagantu sir! A proper letter and request is your best course of action. This is inevitable. You will have to manage or have yourself pressurized more and more with time.