I had borrowed education loan of Rs 3.2 Lac from UBI Bank in 2010 for pursuing MBA in a reputed institute. I belong to a poor family and the bank issued loan for me without any security on behalf of my merit and my father's income. It is a joint account including me, my father & my mother. I completed MBA without any campus recruitment and struggled a lot for a job. After approx 1.6 year of struggle I got a job with only 10k salary. From 2014 i am repaying my EMI but not as per bank calculation. (Actual EMI-9.4K P.M & Paid EMI-4-5K P.M)
Now my father is a dialysis patient & retired from his service. Now my father need 3 times dialysis in a week & lots of medicine, so this is very costly for us & we are unable to effort it & continue my father treatment. All saving are exhausted for my father treatment but still he cant talk & walk. I am the only earning member of our family. The bank is calling to my family and pressuring us to clear all outstanding. I am ready to repay the loan & still now i am paying EMI in every month approx 4-5 thousand. The interest and principal combined amount is Rs 4.5 Lac now. It will take too much time to repay. The Bank is calling me every week & coming to our home also. They are threatening me to repay whole outstanding otherwise they will file a case against me & call the police.
I had shared my situation with Branch manager many times & informed him that my relatives are ready to pay principle amount on behalf of me, so please take it & settle the loan account i am helpless but they are not ready to understand my situation. In this situation my family getting tense.
It's a critical moment for me, please help me with best possible way.