Unable to pay the bank loan interest want to pay only principal amount

I am having education loan which is NPA since more than 10 years, now bank is charging 1,30,000 principal and 4,50,000 interest , so total of Rs. 5,80,000. I have mailed the bank that i am not able to pay 5,80,000 due to my poor financial condition but can go for OTS scheme where I can only afford to pay principal amount Rs. 1,30,000 but bank has denied my proposal and asking for the total outstanding amount with 20% initially rest in EMI, but I am not in a conducting to run the EMI, please help what to do?

Answers (2)

344 votes

you have to move to the DRT and file a case against the bank and can move for settlement. but this remedy can only be taken when all your documents are correct. so at first you have to come and have a face to face interaction with any lawyer and then only a better or accurate advice can be given to you.

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332 votes

Dear querist,

Offer bank another OTS with a higher value, and do you have any lien against the education loan? I believe you have that’s why you are so tensed and I also believe it’s you house that’s why they are asking for 20% as they must have threatened you that they will go for District Magistrate order against your house... My advice to you is file a case in Drt tribunal and again go for OTS WITH Legal help... we do such types of cases contact us through lawrato...

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