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how to settle education loan default with bank
17-Jul-2023 (In Banking / Finance Law)
Sir, I've taken a Edu. loan of 1.5 lcs in the year 2005, and i paid nearly 70 Thousand rupees till now, due to financial problem i couldn't able to pay. Bank is sending me letters to pay around 3 Lc rupees immediately.Due to some personal reason i cannot visit that town to pay the amount. Pls advise me how can i settle the amount with the bank. I cannot able to pay 3 lcs but ive managed to get money from relatives and friends around 1.5 lcs. pls advise me on this.
You will have to approach the Bank and discuss a settlement proposition. As you benefited from the loan at one point, you will have to take the trouble to visit the town or at the very least communicate with them immediately, lest they take some stringent action against you.
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Sir / Madam,
After seeing the notice from the Bank i can direct you the way to settle this account. Even if you settle this account for partial amount still your data will be reflecting in CIBIL / Satyam list as negative. This would damage your credit rating. And in future you may not get loan/credit card from any of the bank/financial institution. So, you need to settle this account impeccably with bank executives. I need to see the payment history towards this account before suggesting any proper step.
thanks,
niranjan.
After seeing the notice from the Bank i can direct you the way to settle this account. Even if you settle this account for partial amount still your data will be reflecting in CIBIL / Satyam list as negative. This would damage your credit rating. And in future you may not get loan/credit card from any of the bank/financial institution. So, you need to settle this account impeccably with bank executives. I need to see the payment history towards this account before suggesting any proper step.
thanks,
niranjan.
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Hi
Its OK go boldly to the bank and explain the situation why you were not able to pay and show bonafides that you are going to pay the amount, but don't say that you have money, act as if you will get hand loan from friends and settle the dues, you can ask them to settle for one Lakh, pay in one installment and seek 3 months time to pay it.
Regards,
Pratap, Adv
Its OK go boldly to the bank and explain the situation why you were not able to pay and show bonafides that you are going to pay the amount, but don't say that you have money, act as if you will get hand loan from friends and settle the dues, you can ask them to settle for one Lakh, pay in one installment and seek 3 months time to pay it.
Regards,
Pratap, Adv
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Adv. Pratap Kumar
Bangalore | 200+ Answers
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