i have taken education loan 2,00,000 from Central bank for MBA 2006, after completion of MBA i am repaying my loan 6000 ( along with compound interest and it is the min. amount that i have to give) per month as installment, but two of my friends they also have taken same loan from other bank and they are repaying only 2000 per month. can anybody give me advise what i have to do?
Repayment of any loan depends on a number of factors, like the bank from which taken, purpose of loan, interest rate, number of years within which the borrower has agreed to repay the principal component of the installment. So reply to your query would depend on the above factors which are all not clear in your question.
You should compare your agreement entered in to with the bank with the agreement entered in to by your friends. The terms / clauses , factors must be different, if not, then u have a legal issue.
All the best. regards rajiv shukla, rajiv @justitialaw.com