I have taken educational loan from SBI, Chikkaballapur, Karnataka-562102 in October 2007, I could able to pay only Rs 30000 till date. Bank is forcing me to pay the entire interest built up till date with in March 31st of this year. My principle loan amount was Rs 185000 and with interest now it is built up to Rs 289000. Also they are telling that my account is converted to NPA(Non profitable account) and to avail the interest subsidy I have to pay the entire interest with in March 31st of this year, otherwise I cannot reclaim the interest. If I pay the part of interest amount with in March 31st is it possible to reclaim the interest paid by me? I think the budget is applicable from the next year and If I pay interest now itself I may not have the opportunity to reclaim the interest. Bankers are not disclosing any information about the interest lay-off declared by the FM in the February budget and there suggestions are quite misleading. Also they are in the hurry to take signature to the revival letter from me with in March 31st. Any suggestions?
Posted on: Sun, 23 Mar 2014 13:21:18 +0000