► Hello, I had taken a government education loan of ₹7.5 lakhs in 2019. After the 3-year moratorium period, the loan amount had increased to around ₹9.5 lakhs. Due to Covid, I was unable to secure a job with a good salary, which caused three of my EMIs to bounce. However, I still tried to pay regularly with the limited income I was earning. Currently, my outstanding loan amount is about ₹4.8 lakhs.
Unfortunately, I have now lost my job. I requested the bank multiple times to either provide me with an additional moratorium period or extend my loan tenure so that my EMI could be reduced, but they did not agree. I have recently secured a new job, which will begin on 15th September. I requested the bank to give me at least two months’ time so that I can start repaying my EMI gradually once my salary begins, but they refused and instead threatened to issue a legal notice.
I would like to know what options I have in this situation and whether there is any way to resolve this issue.
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