Hi, I have finished MBA from Coventry university London Campus from united Kingdom. i have taken education loan from state bank of India in January 2011. the time i have taken loan i was not present in India. I have finished my course in November 2012 till date that is from January 2011 till November 2012 we did not receive any call neither any legal notice from bank regarding interest charges. Suddenly, in March 2013 during closure of year ending we have received call from the bank that interest rates has already been started and we need to start paying it immediately. We paid initial amount of 25,000 as requested by the bank. Since i was jobless for almost 8 months i couldn't pay anything. I also requested bank authorities to reduce EMI or interest charges, they were not ready to help. There behavior was very rude and helpless. now, when i got job in December 2012 I started paying EMI regularly. Suddenly we received letter from the bank stating that your education loan account is irregular, you need to pay Rs. 2,55,788/- to make it regular. We went to discuss the same with higher authorities they informed we have to pay minimum Rs. 1,75,000/- for settle ment. My mom is single parent we cannot afford so much of money. We get many harassment calls from the bank everyday. Instead of requesting them they are not ready to help us. I have also informed that we will pay regualrly EMI made ESN with salary A/C for education loan but they are asking us to pay Rs. 9,50,0000/- in total. Please Help.
1 Answer from Attorneys
Dear Sir / Madam,
You need to personally go and meet the Branch Manager and work out a revised salary linked EMI arrangement for the loan amount outstanding for settlement.
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