Unable to pay education loan

technical engineer

Dear sir,

i have taken educational loan for my engineering for Rs 6 lakhs in 2006. i completed my engineering in 2010 and i was not able to get a proper job. so i couldn't pay the interest.. so far i have paid 1.85 lakhs as interest. so including interest i have a due amount of Rs 8 lakhs now. The major problem is my dad has transactions in the same bank for his business and agriculture, for that also he has taken loan which also has some interest to be paid..Now the bank has grouped it together; the education loan, business and agriculture loan which comes around 14 lakhs.  now i have got a notice from the bank saying that they have taken sarfaesi act and the property documents  which i have submitted cannot be claimed and also they have released this notice in the news paper.it's too frightening to my family..my dad has communicated to the manager , he says that the amount should be paid as one settlement which is not possible for him. my dad said he is ready to pay the business and agriculture loan amount but they are not accepting and in turn they are saying the educational loan must be paid first. now i just want a solution for this. i am ready to pay the amount once i get a job which am trying abroad but i need some time like 2 years.. is it possible to delay the payment ? if so can u tell me the possibilities.. some known lawyers here in my place said some ideas like we can get a stay order from the court but i don't know what will be the further circumstances.. please write to me for the solution. thank you...

 
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Advocate,9444674980

Banks cannot club loans together. If you want to delay the payments you have to move DRT only.

 
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technical engineer

what is the procedure move  DRT, if i move it can i get any progress in delaying the loan payment sir?

 
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Advocate,9444674980

You cannot move DRT directly, u have to wait till banks starts its recovery proceedings.

 
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