My Education Loan Issue
3 years ago
Respected sir/Mam, I have taken educational loan of Rs 15 lakh ( 3 lakh each year for 5years) in 2009 for doing my MBBS from Indian Bank Tamilnadu. I am from poor family, my father is a bus driver and my mother is housewife, we didn't pay the interest or principal till 2018 regularly. Bank also didn't inform us regarding interests and penalty interests. we will sign a document every year. we gave our house document as a surety. In 2010 My two own sisters took education loan (4lakhs) in the same bank. And in 2013 that Manager joined my sisters loan with my account and they are not getting any subsidiaries. Currently I am paying 30000 due from 2019 But among that 29000 going for interest. Being a MBBS doctor with poor family background I could pay this much only. even after paying 30000 for past 2years my outstanding is 28 lakh 40thousand. And my sisters a loan outstanding is 10 lakh. What can I do? Please give some legal advice? Please let me know some solution for this?
You may approach High Court or DRT to get appropriate relaxations.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
You appear to be the victim of an oppressive interest rate, a representation of your grievances can be made to the Court or the Banking Ombudsman. You will have to approach the bank to request them for a restructuring of your repayment plan. If you are unable to repay the loan, you may file for bankruptcy.
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You will need an accountant to look closely into your repayment records, your outstanding amount appears to be much greater than the principal. If you believe the bank is cheating you, you can file a complaint under S.420 IPC for fraud. Alternatively, you may approach the Banking Ombudsman and state your grievances.
Pradeep Naik
Responded 3 years ago
Recovering Loan given to a Friend
Credit card payment
Joint account Chaque with minor signature only
Cheque and pronote
Cheque and pronote
