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Abhishek   07 July 2015

Education loan

Dear Sir,

I had taken on educational loan from Central Bank Of India in 2007 for my MBA of 3.06,000. I completed my MBA in 2009 but due to recession I was not able to get a job and was now then then was trying hard to pay the EMI to the bank.The total amount has now risen to 6,80,000. Yes, it was not the required amount which should had been paid. My parents have now aboundend me so I am by my own and already I have one personal loan running and also I pay credit card minimum dues to just suffice my basic needs. My income is 25000 and room rent, personal loan emi and credit cards all constitute total of 22000. so i am left with 3000. Bank has sent me one notice from lok adalat. I first thout to send one e-mail to the regional office but seeing one post  on this forum, I opted to get expert advice from you people.

Request to kindly suggest the next course of action.



 1 Replies

Samal Kumar (ADVOCATE HIGH COURT OF KERALA)     07 July 2015

As you had already defaulted, approach bank authorities for rescheduling the EMI based on your present surplus income. In case bank is not cooperating, take up the matter with ombudsmen. Certainly you will succeed.

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