Education Loan Repayment without Interset or Settlement in Court
3 months ago
I was bought Education Loan Rs.3,20,000/- In the period 2010-2012 . In that was paided Amount of Rs.3,27,000/- against the Loan on 2023 year end . In that bank end they charged Rs.8,89,000 including interset . they made court suit as well as they asked to pay Rs.5 Lakhs and above to closure . Is there any possbile for settelement without interset
A.Dear Client,
It appears that the Bank has offered the borrower a one-time settlement of the education loan to close the loan account. Out of the total claim or Rs.8,89,000 including interest, the Bank has agreed to settle the loan on payment of Rs. 5 lakhs. The Bank had already initiated a routine recovery process of the loan through the Court claiming the entire outstanding including interest on the outstanding loan. During the pendency of the recovery suit before the Court, the Bank offered you an out-of-court settlement of the loan. In case you have not agreed to the proposal of the Bank, the recovery suit of the loan may continue for years increasing your liabilities of repayment. So, make a wise and well-informed decision in the matter, if required, in consultation with a certified credit counselor who can help you to discover your options and choose the right path forward.
It appears that the Bank has offered the borrower a one-time settlement of the education loan to close the loan account. Out of the total claim or Rs.8,89,000 including interest, the Bank has agreed to settle the loan on payment of Rs. 5 lakhs. The Bank had already initiated a routine recovery process of the loan through the Court claiming the entire outstanding including interest on the outstanding loan. During the pendency of the recovery suit before the Court, the Bank offered you an out-of-court settlement of the loan. In case you have not agreed to the proposal of the Bank, the recovery suit of the loan may continue for years increasing your liabilities of repayment. So, make a wise and well-informed decision in the matter, if required, in consultation with a certified credit counselor who can help you to discover your options and choose the right path forward.
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A.Dear Client,
If you have already repaid an amount of Rs. 3,27,000 against your education loan, it's important to thoroughly review the loan agreement, repayment terms, and any communication from the bank to understand the details of the outstanding amount. If the bank has charged an additional amount of Rs. 8,89,000, including interest, it's crucial to clarify the basis for this calculation.
In cases of financial disputes with a bank, it is advisable to engage in open communication with the bank officials. You can try negotiating for a settlement without additional interest, providing a clear explanation of your financial situation and the payments made. It would be helpful to document all communication with the bank, including repayment receipts and any written correspondence.
Consider seeking advice from a financial counselor or legal professional who specializes in debt-related matters. They can guide you on the best course of action, help assess the validity of the bank's claims, and assist in negotiating a fair settlement. Keep in mind that reaching an amicable resolution often involves effective communication and may require persistence.
Thankyou
If you have already repaid an amount of Rs. 3,27,000 against your education loan, it's important to thoroughly review the loan agreement, repayment terms, and any communication from the bank to understand the details of the outstanding amount. If the bank has charged an additional amount of Rs. 8,89,000, including interest, it's crucial to clarify the basis for this calculation.
In cases of financial disputes with a bank, it is advisable to engage in open communication with the bank officials. You can try negotiating for a settlement without additional interest, providing a clear explanation of your financial situation and the payments made. It would be helpful to document all communication with the bank, including repayment receipts and any written correspondence.
Consider seeking advice from a financial counselor or legal professional who specializes in debt-related matters. They can guide you on the best course of action, help assess the validity of the bank's claims, and assist in negotiating a fair settlement. Keep in mind that reaching an amicable resolution often involves effective communication and may require persistence.
Thankyou
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