Reducing Education Loan By through any request

POSTED BY Satheesh Anandan ON March 15, 2013 12:40 pm COMMENTS (7)

Dear All,

1) I am trying to clear my educational loan . Is there any possibility, that bank will reduce the loan amount(10% of total value pending) through request / any legal formality or by any means?

2) If they accepted, will it affect my future loan requests in other banks?

3)I don’t have a CREDIT card! So, I don’t have a CICBIL score! Am i right?

4)They have my PAN CARD copy. Will they declare me as a defaulter & close the loan, if they accept my request! Will it again affect my future loan requests in other banks?

 

Thanks

 

Satheesh.A

7 replies on this article “Reducing Education Loan By through any request”

  1. Dear Satheesh, please relax & try to understand the working of loans taken from any financial institutions. I’m talking here all loans be it Home, Car, Education or any other. In the first month Say your loan amount was 1L Rs. so in the first month, you w’d have to pay the interest on full 1L Rs. Now next month, you w’d pay interest on reduced loan amount say 99K Rs. & thus gradually your interest part ‘ll come down & Principal repayment part ‘ll go up.

    Thanks

    Ashal

  2. Dear Satheesh, please pay that 90% loan amount now. Remaining 10% can be paid by you through regular EMIs & within next few months, your loan ‘ll be over.

    If your Idea was to pay only 90% & do not pay the remaining 10% as a waiver from your lender, no my dear friend, there are no such waivers. If you had taken 100 Rs. loan you w’d have to return 100 Rs. & not 90 Rs.

    Thanks

    Ashal

    1. Satheesh Anandan says:

      Dear Sir,

      I understand the truth . The above questions seems may be silly to anybody!

      The question arises because my burst, because of paying my hard earned money to the banker every month since i finished college.

      So far i have paid 3 times the value of the principal loan value.

      Atleast the government should change the educational loan from floating in to fixed type .

      Thanks for sharing your time and views. Anyway, i’ll have to pay it.

      Regards

      Satheesh.A

  3. Satheesh Anandan says:

    Dear Sir,

    Yes. Your understanding is correct..

    Thanks

    Satheesh.A

  4. Dear Satheesh, let me understand your query with an example. Your as on date loan balance is 1L Rs. & you do have only 90K Rs. as on date. You want to close your loan in full with these 90K. Am I correctly understanding your query? Please confirm.

    Thanks

    Ashal

  5. Satheesh Anandan says:

    Sir,

    I am paying my education loan. I am trying to clear my dues totally. The cash is 10% shortage to clear the total due.
    If i didn’t clear it by whole-sum, as the loan is floating, they will create another interest to the 10% remaining, which is again a debt & will take time to clear it.

    So only i am checking ,is there is any legal concession available for clearing the education loan?

  6. Dear Satheesh, why are you not paying your edu. loan?

    Thanks

    Ashal

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