Education loan


I have taken an education loan from SBI amounting rupee 4 lacs in 2010.

That time my financial condition was good. The loan is on the name of me and my father. They have also done some life insurance against the loan I have given a cheque of rupee 5234 K . I have not received any type of policy document. After that I went for the subsidy being offered by the government , but didn't receive any help. Branch  officer directed me to go loan processing branch and processing center directed me to branch.    

My course ended in May and I got my job on 27 June 2012.  But my father expired on 21 September  2012. I have intimated the bank of the same, I submitted death certificate and application to look into the matter and to provide me the policy  docs also. 

In Jan 2013 I had to take a loan of rupee 4.5 lacs as a personal loan and 2.2 personal loan of muthooth as well because I had to pay debts and some money for my mom's  illness.

Right now i am not having any condition to back education loan because I am the only earning member of my family, there are three siblings of mine who are younger than me and students.

I visited the processing center on 18 sep  as well but they are not even ready to listen to me. Demanding 35000 first, and then they will check my file whether their is some insurance or not.

My concern is that -

1) can a get a waiver of interest as i am unable to pay  

2) as I have paid for the insurance and my father expired, How can I get death benefit ?

3) What if I default the loan as this is an secured loan

4) I am eligible for the subsidy.

5) can I go for settlement. If yes how?

6) suggest me some better way to get out of it. I don't have money to pay. we are always hand to mouth.

Please somebody please help......

 
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Practicing Advocate since 1986

You and your father jointly obtained Education loan Rs.4 lack form S.B.I. Bank insured Education loan and you issued cheque for Rs.5,234/-  on whose name Bank or Insurance company ? Your father died on 21-09-2012 you intimated to Bank and claimed insurance  Policy  for insured amount but Bank   did not handover Insurance Policy document to you. Bank demanded  you to pay Rs.35,000/- then they will check  your Education loan file. You issue legal notice to bank stating all facts immediately and demand to hand over Insurance Policy document other documents.  You can also apply for your education loan file, Insurance Policy document under the Right to Information Act, 2005 from S.B.I. Unless you know about Insurance Policy on your education loan you do not know exact amount payable to Bank. After knowing true facts after getting your education loan file, Insurance Policy document if you are payable education loan as demanded by the S.B.I. You request for waiver of interest stating your financial position. Regarding unsecured education loan S.B.I. has legal right to recover from you, by attach your property immovable and sale in the Public auction. contact:  Mobile No. 9290673693,  Email: kgangadharadvocate@gamil.com


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I have visited the branch on 18 Sep, 2013, but bank have sent recovery agents on 20th Sep, 2013.
I have visited the branch to give application on for extension of moratorium period but they denied to accept my application as well.

Now please suggest me how can I issue a legal notice to bank???
 
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Practicing Advocate since 1986

You fallow my advise you apply for all education loan documents and Life insurance document under Right to Information Act, 2005 sent by post. After obtaining documents you represent for extension of time.


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Dear Sir,

Provide me your contact No.  I need to contact you.

 
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Founder Chairman of Global Lgal Services

Global legal Services  Mobile:9290673693,  globallegalservicesindia.@gmail.com Kolla Gangadhar,  Advocate

 
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Founder Chairman of Global Lgal Services

Global legal Services  Mobile:9290673693,  globallegalservicesindia.@gmail.com Kolla Gangadhar,  Advocate

 
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