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......