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Education loan related
7 months ago
I taken an education loan 169000 for my 4 year degree course. After my course completion, I started repayment and paid upto 153737 rupee. But cant able to repay balance amount due to my less income. I submitted a request to cm of kerala, Governor of kerala for reducing the amount. Based on that the bank approved 2 year moratorium. Now it end but my balance loan amount comes to 399958. And monthly emi 10000. Now i dont know what to do. Can i go for court support
A.Dear Client,
If you are facing difficulty repaying your education loan and have already sought a moratorium, but the outstanding balance remains high and the monthly EMI is unaffordable, you may consider the following options before resorting to legal action:
Loan Restructuring: Contact the bank that provided the education loan and discuss the possibility of loan restructuring. They may be willing to extend the repayment period or adjust the EMI amount to make it more manageable for you. Many banks offer flexible repayment options.
Government Schemes: Explore any government-backed loan repayment schemes or relief programs that may be available in your region. In some cases, government authorities provide support or subsidies to help borrowers with their education loan repayments.
Debt Consolidation: If you have multiple loans or debts, consider debt consolidation. This involves combining multiple debts into a single loan with a potentially lower interest rate and longer repayment term, making it more manageable.
Income-Based Repayment: Inquire whether income-based repayment options are available for education loans in your country or region. These programs adjust your monthly payments based on your income, making them more affordable.
Financial Counseling: Seek the advice of a financial counselor or advisor who can help you create a budget and financial plan to manage your debts effectively.
Legal Consultation: If all else fails, consult with a legal professional who specializes in debt-related matters. They can advise you on the legal options available to address your situation, such as negotiating with the bank or exploring the possibility of declaring bankruptcy as a last resort.
Thank you.
If you are facing difficulty repaying your education loan and have already sought a moratorium, but the outstanding balance remains high and the monthly EMI is unaffordable, you may consider the following options before resorting to legal action:
Loan Restructuring: Contact the bank that provided the education loan and discuss the possibility of loan restructuring. They may be willing to extend the repayment period or adjust the EMI amount to make it more manageable for you. Many banks offer flexible repayment options.
Government Schemes: Explore any government-backed loan repayment schemes or relief programs that may be available in your region. In some cases, government authorities provide support or subsidies to help borrowers with their education loan repayments.
Debt Consolidation: If you have multiple loans or debts, consider debt consolidation. This involves combining multiple debts into a single loan with a potentially lower interest rate and longer repayment term, making it more manageable.
Income-Based Repayment: Inquire whether income-based repayment options are available for education loans in your country or region. These programs adjust your monthly payments based on your income, making them more affordable.
Financial Counseling: Seek the advice of a financial counselor or advisor who can help you create a budget and financial plan to manage your debts effectively.
Legal Consultation: If all else fails, consult with a legal professional who specializes in debt-related matters. They can advise you on the legal options available to address your situation, such as negotiating with the bank or exploring the possibility of declaring bankruptcy as a last resort.
Thank you.
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