Eduaction loan, Pension Deduction
Hello, I took education loan from SBI in 2008 for Aviation Engineering. 3 Lakh. As I am not able to get job in aviation sector as my qualification. I m working in a bpo earning 15000,
Bank is cutting my dad's pension "retired from uttrakhand police" Rs 5000 every month, and also my dad is not working anywhere.
Its been very hard for my mom and dad to survive as i m also not earning much.
Is there any way to settle my loan or any way my dad can get his pension atleast.
Please give all the detail
Asked 5 years ago in Civil Law from Rishikesh, Uttarakhand
Your dad must have been a guarantor in the education loan taken by you. Since the loan dated back to 2008, the installments started.
The only way to stop the money being cut from your dad's pension is payment of installments by you in time. Otherwise, you may give a representation to the bank to increase the term of the loan, so that the installment amount may reduce.
As Mr. Bora suggests, you may approach the bank for increase of term and consequent reduction of installment amount.