Education Loan Unrepay need Legal advice

4 years ago

Dear Sir, My brother has applied for education loan in 2011 for engineering course from Andra bank, Chennai but he received only one semester fee as loan for ruppees 62500 after bank is have not supported later we borrowed money from others for interest for 3 years engineering course so we can't able to pay education loan for upto 7 yerar due to paying for others and also he doesn't get right job to settle the loan amount now we get legal notice for not paying the educational loan so now we are ready to pay the loan principle but interest itself comes around 50000 + principle 62500 so we had a situation which cannot afford interest so we need your legal advice how to waive interest as much as possible for with only paying principle , please suggest how can we proceed this . Thanks in advance . Regards vijay

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Kishan Dutt Kalaskar

Responded 4 years ago

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A.Dear Sir,
It is civil dispute and ask the bankers to file civil case and in that civil case your brother can seek more and more time for repayment.

Please take PAID phone call with me through VIDHIKARYA and get more legal guidance.

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Rameshwar Dadhe

Responded 4 years ago

A.Solve the issue out of court settlement then it will be possible otherwise you will need to pay

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Jagannath S Pawar

Responded 4 years ago

A.Banks are doing business of taking deposits and lending money to the need persons. In both the situations, banks run on interests only. U should talk to the bank management for waiving off certain amount of interest if they are willingly doing it. Otherwise you must pay. If your income is under certain limit, Govt also subsidizeds the education loan interests and pay for it themselves. Plz enquire and act accordingly. Thanks n regards

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