I had taken a student loan for Rs. 3,95,000 in 2006 for my studies abroad. However i could not continue my studies due to some reason and had to come back to India. I completed my college here in India. Now i am working in the BPO sector with salary of 16k per month. I am not in a position to pay back my student loan as whatever i earn goes into my living expenses. I do not have any asset tangible or intangible and neither do my parents. The bank has been calling me up again and again to pay back the money which i cannot given my current situation. They have also posted the same in my Cibil which had made a adverse affect on my score and now i am not being able to apply for any loan.
The one thing that my father did was he had made a fixed deposit of Rs.1,50,000 when i took the student loan back in 2006 and it is still with the bank. I am planning to buy a house in future and i want this loan to cleared in my cibil so that i can get a home loan.
Is there any possible way i can handle this situation ?? Will appreciate if anyone can guide me or help me out with this.