can i stop pension deduction for education loan payment

I took education loan from SBI in 2005 for my Engineering - 5 Lakh. As I am not able to get job in any sector as my qualification. I am working in a bpo earning 15000, Bank is cutting my dad's pension @ Rs 5000 every month, and also my dad is not working anywhere. Its been very hard for my mom and dad to survive as i m also not earning much. Is there any way to settle my loan or any way my dad can get his pension atleast.

Answers (1)

202 votes
Your dad must have been a guarantor in the education loan taken by you. Since the loan dated back to 2005, the installments started. The only way to stop the money being cut from your dad's pension is payment of installments by you in time. Otherwise, you may give a representation to the bank to increase the term of the loan, so that the installment amount may reduce.

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