Education and Career Forum

Sir, I was taken an education loan of 5 lakh from SBI but can not pay it and the bank is deciding to announce me as a defaulter. They have my shop papers as mortgage. Please tell me what should I do now if have no money to pay?

Originally Posted by Unregistered

Sir, I was taken an education loan of 5 lakh from SBI but can not pay it and the bank is deciding to announce me as a defaulter. They have my shop papers as mortgage. Please tell me what should I do now if have no money to pay?

You have to find some job and start to repay the education loan. You can contact the respective bank branch for extension of repayment period or can pay the education loan amount in EMIs. It is mandatory to repay the education loan or bank management will take against you. Your CIBIL score is also affected and it is very difficult to get any loans from any bank in the future. Therefore, it is better to repay the education loan. You can contact the bank manager and he is in a good position to give you many options available for repayment of education loan.

For banks time is everything and they want payment on time, if you have taken education loan. All you can do is, get subsidy according to the latest government schemes.

If they have got all the papers for mortgaged property, then they can even auction it for getting the amount. Hence, all you can do is, get a job and start repaying. Only a person with permanent disability can get some relief.