Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

daw   11 March 2019

Rescheduling education loan

Hi All,

This is regarding my Education loan of 7 lakhs. It's an old loan (9Y) which I wasn't able to maintain properly due to unemployment & single earning member in (my-self).

However till date I had made 5 lakhs back to the account. Despite of that, there is pretty good amount of due in it.

A week back I got a call from the BM regarding clearing the due & maintaining the account. However due to my current financial status, at present I cannot make onetime payment of such huge amount in one go to clear the dues.

Now I got a better job & I do understand that I have to pay the bank back & I am happy to do that. Since last 9 months, I have been sending letter & having verbal conversations with the BM & RM to reschedule my account (ie: add the due to principle & increase my emi). This will help me to regularly maintaining my account with no due.

No response till date for those letters & today I got a letter from bank advocate asking me to pay full amount in 3 days.

To be honest, I tried to take PL from multiple banks to clear this loan, unfortunately due to CIBIL (this loan) all those got rejected.

Can someone please suggest me how to proceed further & get time to repay the amount & reschedule the account?

Do I have to respond to the adv letter?



Learning

 1 Replies

Suhail suhail (LAWYER)     12 March 2019

It is better to reply the Notice in detail and mention everything properly.However it appears the bank would proceed against you  . They may harress you and or file a case in the court.If they filed a case against you that is better as you can request in the court to make the monthly installments for repayment .


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register