Education Loan Education Loan

2 years ago

I have taken a loan (55 lacs) to study in the US. But due to the pandemic, I was not able to secure a decent job and now cannot renew my work visa. I did not put any mortgage towards my loan. I have come back to India. My parents also did not sign anywhere on the agreement. What are the options I should pursue if I want to waive off my student loan? Thanks

Ayantika Mondal @ Prime Legal

Responded 2 years ago

A.Hi,
Since you have not given any security so the bank cannot seize it and pressurize you but they will follow the legal procedure and send you legal notices and then initiate a suit against you. So you will have to return the money since there is no option for waiving off a loan.

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Anik

Responded 2 years ago

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A.Hi,
There are no provisions in the law that allow the loan to be waived. If you have been granted money as a loan, you have a legal obligation to repay the money.

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Aakash Sharma And Associates

Responded 2 years ago

A.There is no option of waiving the principle amount of the loan off
And not mortgaging anything against the loan doesn't means they can't afford recovery as your CIBIL score is your identity in banking system linked with your PAN and ADHAAR card having your complete financial records

But you can always attempt getting your additional payable interest waived off either by para legal or Legal procedures

Wish you luck for you future and never be hopeless for such small targets as for scholars like you sky should be the only limit to achieve in life

Take care

For further suggestions keep in touch through my profile
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Abhimanyu Shandilya

Responded 2 years ago

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A.I do not think the bank will allow to waive off the 55 lacs of loan so easily, they will keep chasing you. The good thing is that you have not provided any mortgage or guarantee that will let you be in peace for sometime. You try to start repaying once you get a job else your CIBIL will be in bad shape that will hamper your future prospects. If all turns about be bad they the bank will simply write it off.
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Kishan Dutt Kalaskar

Responded 2 years ago

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A.Dear Sir,
Just go under ground and most of the problems will be solved.
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