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Last Updated On 03-Jun-2018
Banking

Education loan

I have borrowed education loan. i have repaid 3/4 of the amount. I have 1/4 remaining. But they have mentioned a heavy amount as interest. I am not in a position to repay interest.bank has sent me a notice. What should i do now legally.Please suggest.

03-Jun-2018

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A.
Hello there,
As you have already paid 3/4th part of your education loan, which shows that your intention is not malafied. So you don't have to worry about it. File a reply to that notice through a Lawyer.
Posted On 03-Jun-2018
Vidhikarya
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A.
You have to repay the education loan with agreeing the terms of the bank to avoid harsh legal consequences of recovery and interest,cost,charges and penal clause of the loan terms. There is no alternative.
Posted On 03-Jun-2018
Vidhikarya
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U don't have many options but to approach the bank for waiver of interest and penalty if any and it is the discretion of the bank to accept ur request or not.
Posted On 03-Jun-2018
Vidhikarya
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Dear Sir,
It is very difficult to protect you.
Posted On 03-Jun-2018
Kishan Dutt Kalaskar
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