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Do not take education loans , or suffer

edited September 2016 in Banking
Boss pagal bna ke rakha h...how amount is decreasing how they calculate kuch toh btate nahi h...n uske upar Ghar valo (senior citizen dad ) KO arrest karne ki damki...even after somehow I manage to pay last 2 month installment they said..ab UPSC ka padhu ki in pagalo KO dekhu... Humanity nahi h yahan property loan is fucking cheaper...than educational...

BTW bank is sbi...kisi ko guide karna h Karo...baki salary last ek doh attempt bache h...job b nahi kar sakte ..

Comments

  • If principal part of edu loan was less thn 4 lac,then they can do anything as no guarantee or mortgage is there till that amount.Trust me.All they can do is put a hold on your a/c.And your credit rating would be bad too.So chill.

    If it was upto 7.5 lac, they must be having a personal guarantee of your parents.They can put a hold on your dad's account but cannt arrest him(they can only threaten).And remember, they cannt even issue a threat beyond a limit in the case of education or Agri loans.Better have an account in any other PSB near you and SBI people cannt take a penny from your a/c in that bank.

    If tge amnt is more thn 7.5 lack, you need to worry as mortgage might be there.In any case, it takes months for the proper settlement.

    Edu loan repayment is all about your conscience and honesty, and credit rating too( for future loans).You can always demand a hard copy statement of your loan a/c or take net banking and see it yourself.

  • Talking to the senior branch manager(s) (of the main branch etc. ) often helps (don't know how much ombudsman would help) , especially if you are unsure about the way they are computing the loan, compound interest notwithstanding.
    When we show fear, it jumps at us faster than light, but if we do not show fear, it casts its eye upon us gently and then guides us into infinity... || Bang
  • Bhai, I logged in so I could reply. First of all, have you been regular with the interest repayments?Or paid some nominal sum to maintain goodwill?

    As for arrest warest, kuch nahin hoga. Saale fattu hain. Ek similie suna tha, a one eyed cat shows its dominion over a limping cockroach. Yeh SBI ka typical trick hai, inform karte hi nahin, whenever there are issues, and last moment aake harassment.

    1. Head out to the RACPC and talk to a loan and retrieval manager, they are the ones who issue NPA status.
    2. Request to see the account statements/print outs since the day the loan was issued.
    3. Demand to see any letters of intimation, via registered post, were sent once they figured out issues with repayment. And ask them for the counterfoil that says that someone from your family has received the letter.
    4. Without any formal notice, they have no right to threaten you or your family especially a senior citizen with imprisonment. They need to show cause before taking any steps.
    5. Scare them with an RTI, and mention you also want to know how many other people have taken out education loans from them and in how many phases they have paid it off.
    6. If possible apply for a adjustment/extension for the moratorium period.

    You will be fine, aap officer bano and focus on your future.


  • Thanks guys...yea I manage to have conversation with senior supervisor I need to pay some lumsum amount to get it out of NPA then smaller monthly...far less tense now...instead of paying to coaching or test series for mains ab in logo ko deh dunga n will do self study...rest all be fine...thanks for d support n yea as amount is below 4lakh what I can gather from above is I shud try to pay as regularly as possible but no risk of any arrest etc.
  • Thanks guys...yea I manage to have conversation with senior supervisor I need to pay some lumsum amount to get it out of NPA then smaller monthly...far less tense now...instead of paying to coaching or test series for mains ab in logo ko deh dunga n will do self study...rest all be fine...thanks for d support n yea as amount is below 4lakh what I can gather from above is I shud try to pay as regularly as possible but no risk of any arrest etc.

    Bhai if u have taken loan it's quite obvious that u have to repay it in pre mentioned tenure. The repayment of education loan starts after 1 year of passing out or 6 months of getting employment.
    If it's NPA that means you have not paid EMI for at least 3 months. That's trouble for u for getting future loans and they can max. confiscate ur mortgaged property or take money from any of ur deposit in same bank.
    No arrest can be made. You should not worry about that.
    Even if it's NPA u are not required to repay whole amount. Only the demand till today can be repaid with penalty and after that normal repayment will follow.
    Communicate with the senior manager who is willing to listen he will explain everything and also provide the solution.
    The farther I go, tougher it gets
    The tougher it gets, determined I become
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