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Last Updated On 16-Oct-2018
Bankruptcy and Debt

How to handle/avoid case against me for education loan?

Hi Sir/Madam, My name is Sriram from Vellore (Tamil Nadu). I got education loan for my engineering degree (2008-12) but could not able to repay entirely. I could not get a job for an year and the job wasn't paying me enough to handle my own expenses. And my mom got cancer and entire money went for that. and I paid 1.25 L and rest am paying month on month (15,000 per month). Am ready to pay 15000 every month but they filed a case against me and asking me to pay 1.5L now but I don't have any jewels or property to sell and pay them. I tried but could not get bulk money. The bank is not accepting my request. If they arrest me, my entire career and life will get spoiled. Kindly provide me suggestions that how can I handle the situation? Thanks in advance, Sriram K

( Vellore, Tamil Nadu )

08-Oct-2018

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Pl take services of a local expert lawyer for the same.
Posted On 16-Oct-2018
Vidhikarya
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declare yourself as insolvent by filing an application under Insolvency and Bankruptcy Code 2016 before the DRT. Contact Vidhikarya for allotting a local DRT advocate for drafting and filing the application.
Posted On 10-Oct-2018
Vidhikarya
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Dear Sir,
There are several circulars from bank as well as from State and Central Government wherein repayment educational loans is either waived of or given facility of installments without interest. Please consult any experienced advocate.
Posted On 09-Oct-2018
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Dear client kindly apply into court with all medical paper of your mother treatment. I am sure court will consider your request and grant you relief for repay that loan
Posted On 09-Oct-2018
Vidhikarya
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Dear Client,
Your question is not very clear.Whether it is a Nationalised Bank or Private Bank. Nationalised Banks work under certain principles and guidelines and are the same all over India.Before giving the exact answer one need to see how much you have taken,how much you have paid,duration, interest accrued to the principal amount etc.There is also a possibility to sort it out either through installment basis or one time settlement basis. Better engage a Lawyer who are normally the retainers for the banks. Shanti Ranjan Behera,Advocate
Posted On 09-Oct-2018
Vidhikarya
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Project your case and show the judge about your mother pitiable condition and your meagre income and medical expenses. No judge will order arrest after going through your case.
Posted On 09-Oct-2018
Vidhikarya
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Engage an Advocate and inform the Judge about your situation with the medical papers.
The Judge will grant you time to replay the loan.
Posted On 08-Oct-2018
Vidhikarya
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