To brief about my family economical background, my father is a golden ornament maker. My family monthly income was hardly 5000 at the time of availing my loan. I had an unmarried sister to get married. We did not even have a proper house to stay.
Hence I started to repay the loan a little bit late may be after 1 year of completion of study. Initially as I had huge liabilities (sister’s marriage, house construction) to be maintained within less salary, I could not pay in regular basis. In this context, I must inform that my education got completed in Aug’2008. So my repayment should start from March’2009. But after starting my repayment I always managed to deposit bulk amount at a single time.
Last year in Sept’2013, I met with an accident that cost my family few lakhs and made me out of job few months. I was surprised to see the way my family was treated even then.
Recently, I have requested the bank to set up an EMI for me and I have been paying the EMIs for last few months.
Now here are the problems which are created over the time:-
1. As per new Indian Bank’s Association (IBA) new revised education scheme, education loan can be re paid for the time period of 10-15 years. I really believe that we recalculate the plan considering repayment tenure of 10 years and calculate the EMIs considering my economic condition. They never did that.
2. As per the intern budget by then honorable Finance Minister of India Mr. P. Chidambaram, for any education loan taken before 31.03.2009, the interest will be taken over by Govt. Of India till 31.12.2013. The borrower needs to pay interest from 01-01-2014. They always have denied this and refused to even discuss about this.
The consequence of this matter has put me in back foot in my CIBIL score and created a negative image in banks. MY cibil score is simply getting damaged by them.
Upon asking the statement, the harassed my family.
Please advise my next step.