Education Loan

4 years ago

Hello Sir ,

I am from chennai I borrowed amount of 300,000 for my Bachelors degree which i completed in the year 2010, Due to some personal reason and late employment with less salary i was not able to pay the EMI regularly and from the year 2014 to 2018 we dint get any notice or call from bank regarding the loan and i thought loan got waived off.

Suddenly last year i got a call and letter from bank stating that i am having outstanding loan amount of 700,000(Principal & Interest) and My EMI is 10000 monthly , though i am not in a position to pay that amount monthly , I have managed to pay and i have payed nearly 100,000 till now from last year december,

As my financial situation is getting worse i am unable to pay 10000 monthly and i asked my bank manager to waive my interest alone so that i will pay the full principal amount which i borrowed from bank but manager is not accepting .

Please suggest me how to pay my principal amount alone and get cleared my lone .