mousumi (na) 27 December 2012
hi,
I am Mousumi. i took a educational loan of Rs. 380000 from allahabad bank on 2008 along with mother as co-borrower. but i am not able to get a job. so my mother as coborrower pay 5000 evevry month. but now my mother find difficulty to pay the emi. please suggest me is there any i can stop the payment untill a get a job.
Regards
Mousumi
Kumar Doab (FIN) 27 December 2012
Kindly approach the bank to re schedule.
If you are willing to pay but have genuine difficulties bank may agree.
Valuable advice of learned experts/members is sought.
c.p.s. ramachary (1500) 06 January 2013
Loans available for education are repayable within a a period of 5 or 7 years including moratorium period.Moratorium (also called a repayment holiday) is the coursework period + 1 year or 6 months after the student gets a job/starts earning - whichever is earlier. You can avail flexible repayment plans in case you have problem in repayment. Therefore as rightly advised by Mr. Kumar Doab you may approach the bank to get relief. The bank also has to realise that no purpose will be served by taking legal action against you for recovery of loan (if your loan is not secured by mortgage of immovable property) and instead of that better the bank reschedules the repayment plan by enlarging the time.
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