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Detailed Question

I has taken an educational loan on year 2012 from state bank of india for further studies For M.B.A (I.T) from your bank, my loan was sanctioned of Rs 3,90,000 which was to be given to the college in 4 installments, bank paid the 3 installments to the college & the final installment was not taken by me as I got aware of having fraud with me & the final amount which was paid to the college was 2,92,500. I took to complete my masters at IIPM Pune & I was frauded by College as the college didnít get exams on one year & I also Didnít got the affiliated university which was shown to me during joining letter.
I want to settle this education loan & Want to one time settle the amount & disscussed with them that"the loan amount which was taken by me i.e, 2,92,500 & I have paid amount or Rs 1200 per month as interest for 2 Ĺ years & a Single installment of Rs 10,000 which total cost near about approx 70,000 Sir/Madam I request you to please allow me to pay only the actual loan amount sanctioned by you without interest" but they refused to settle the amount as they said there is no settlement options in the bank if you want to one time settle the loan then you have to pay full amoun i.e, 4,00,000 rs what should i do at present i am jobless and has no source of income to repay it my dad is helping me after having so much of fraud with me but he has only 2,90,000 in his hand & if pay late the interest amount is increasing day by day


Replied By - Advocate Asgher Mahdi on 5th Feb 2017 ( Total Replies - 24, Total points - 196 )
Advocates Reply - At the out-set allegation aginst fraud need to be prove then you may settle onetime loan amount.

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