I received load from SBI for my son's study. I got it only from his second year of study. He finished his study 2011. I wrote to branch manager to exten the moritorium for two years (2011+2+2). Now they fixed Rs. 6000 something to repay as monthly due. Pease guide me to deduct the repayment due.
What is your exact query ? The educational loan is a scheme governed by RBI/Govt/Bank policies. One can not dictate any terms and for modification of laid down norms, as agreement was executed at the time of advance, agreeing their terms and conditions.
It is at the discretion of the bank, and there can not be moritorium and you have to pay penal interest also in case of default, and once it is declared as Non performing advance , yours and your son's credit rating will also be affected, and you are not eligible for any other financial facilities from any bank in India.
Just think, every one is having one difficulty or other, and if every one commands for extending loan term or postponement for individual reasons , Banks can not recycle the funds.
You can always request explaining the difficulties, but what is ultimate use, when you have to shell down penal interest also.
(The education loan is not given on the guarantee that you will repay only when you secure the job. When a borrower fails to secure a job, is it possible to waive the entire loan ? )