sowmya (na) 04 November 2011

Educational loan

I have taken a loan of amount Rs 68000/ in andhra bank in hyderabad in the year 2005 august to pusue my engineering and i was told that i would have to start paying after 6months of getting job or 12 months of course complition.Iam currently self employed and earn very less and i have started paying the loan from august 2011in emi's of 2,500/month but the manager of the branch says that the amount which iam paying is insufficient as i would take 7 years for me to pay the total amount around 1.06 lakhs with interest included.And he also stated that a law suit has been filed against my loan and they are sending notices but i stated my condition and requested him that i will be able to pay Rs 2500/ for now and also told that as soon as my income raises i will increase the emi amount, so he told that it is better for me to pay the total amount as soon as possible to avoid growing interest rate and my laiblity to the bank, my question is will their be any legal action taken against me if i continue to pay only Rs 2500/month ? pls suggest me a solution considering my situation

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sowmya (na) 04 November 2011

Originally posted by :sowmya
	I have taken a loan of amount Rs 68000/ in andhra bank in hyderabad in the year 2005 august to pusue my engineering and i was told that i would have to start paying the loan after 6months of getting job or 12 months of course complition.Iam currently self employed and earn very less and i have started paying the loan from august 2011in emi's of 2,500/month but the manager of the branch says that the amount which iam paying is insufficient as it would take 7 years for me to pay the total amount around 1.06 lakhs with interest included.And he also stated that a law suit has been filed against my loan and they are sending notices but i stated my condition and requested him that i will be able to pay Rs 2500/ for now and also told that as soon as my income raises i will increase the emi amount, so he told that it is better for me to pay the total amount as soon as possible to avoid growing interest rate and my laiblity to the bank, my question is will their be any legal action taken against me if i continue to pay only Rs 2500/month ? pls suggest me a solution considering my predicament.

akash kapoor (*************) 04 November 2011

SEE MAM IF THERE WAS ANY STIPULATED EMI IN THE LOAN AGREEMNET AND YOU ARE NOT PAYING THAT THAT CAN ATTRACT LEGAL ACTION

Kumar Doab (FIN) 04 November 2011

As per RBI guidelines, banks have been directed to supply certified copy of loan application/forms etc collected from customer, terms and conditions of loan, free of cost, to the customer.

If these are not supplied to you, you should submit a written request under acknowledgment, to BM, and request to supply the same at once. It should not be difficult since the record is maintained at branch level. If BM does not fulfill his obligation you can escalate to chairman of the bank.

The terms and conditions of the loan may have scope to increase the tenure.

You are duty bound to pay the principle+ interest.

Shonee Kapoor (Legal Evangelist - TRIPAKSHA) 04 November 2011

Is there an agreement for the EMI amount. If so, then the back can enforce the same.

Regards,

Shonee Kapoor

harassed.by.498a@gmail.com

(Guest)

Enfore the recently added Right to Education as a Fundamental Right. You can do it under Article 226 in High Courts and Aricle 32 of In the Supreme Court. Being the first ever writ you'll get great publicity and Apex Courts may even Waive off the loan.Try it.

(Guest)

Get hold of a lawyer who'll make a name for himself in the first ever enforcement of the Right to Education recently added as Fundamental Right.

(Guest)

What is fundamental Right to children should be a fundamental Right to Adults viz the Right to Education. Let the Supreme Court decide on this issue. Apparently this has been incorporated by some one who's never attended a school or got a Phd degree by hook or Crook or through donations.