My dad took a 5 lakh rupee education loan from SBI in 2005 for my engineering. Unfortunately, I haven’t found a job despite my qualification and I’m working in a BPO earning just 15,000 rupees. The bank is deducting 5,000 rupees from my dad’s pension every month, and he’s no longer working. It’s incredibly difficult for my parents to survive. Is there any way to settle my loan or get my dad’s pension back?

Apni Law
Apni Law
Law Forum › Category: Labour & Service › My dad took a 5 lakh rupee education loan from SBI in 2005 for my engineering. Unfortunately, I haven’t found a job despite my qualification and I’m working in a BPO earning just 15,000 rupees. The bank is deducting 5,000 rupees from my dad’s pension every month, and he’s no longer working. It’s incredibly difficult for my parents to survive. Is there any way to settle my loan or get my dad’s pension back?
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Apni Law Staff asked 2 years ago

My dad took a 5 lakh rupee education loan from SBI in 2005 for my engineering. Unfortunately, I haven’t found a job despite my qualification and I’m working in a BPO earning just 15,000 rupees. The bank is deducting 5,000 rupees from my dad’s pension every month, and he’s no longer working. It’s incredibly difficult for my parents to survive. Is there any way to settle my loan or get my dad’s pension back?

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Best Answer

Apni Law Staff answered 2 years ago

Under Indian law, you can approach the bank and negotiate a revised repayment plan considering your current income and your father’s pension. You can also explore options like a moratorium or a loan restructuring scheme. It’s crucial to communicate your situation to the bank and seek their assistance.

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