SBI sending legal notice to pay my education loan, I am unemployed?
Dear OP, Don't be dejected. When the times get tough, you get tougher! Adept and survive! 1.Start making Money: Get a job - without worrying about whether it's suitable to your qualification and status - any job that will allow you to pay your EMIs. Start tutoring Engineering/Jr College/Senior secondary school students -directly or by joining some school/college/private tutoring/coaching institute. Complete journals and projects for lazy, rich kids willing to pay you - you'll find them in your city as well as nationally through freelancing websites. Actively look for other money-making opportunities around you. 2.Raise money for the first 1-2 EMIs: Raise money from family and friends for the first 1 or 2 EMIs and repay them once you start making money. 3.Explain the situation to your bank. Tell them that you have the intention to repay the loan but would need some flexibility from their side. Ask them to reduce the EMIs by extending the period of the loan. This way, they start getting some money from you immediately, make more in interest income from you over the life of the loan and save money on legal costs. Plus your loan is no longer an NPA in their balance-sheet. However, all of this depends on you being able to first show them that you've started making money and will have the ability to pay - even if it's a smaller EMI. Do not go to a money lender or take any unsecured personal loans at high interest rates. This will only serve you get you deeper into a debt trap. Also,don't waste money on lottery tickets or gambling or such stupid things in a desperate attempt to make money. Hope this helps. All the best!