Private College Student Loan

Hi ,Is there any way to pay only loan amount obtained for education without interest?

My friend got educational loan for 3 lak in 2004 and I finished my stuides by 2008.She was not ale to pay the interest even once yet.She is first child of her family and they depend on her salary ot run family.Is there any way for her to pay loanamount alone? The loan is from SBI .And now she is suppose to pay 9000 per month for 7 years including interest.

Public Comments

1. I do not think there is any way out to pay only principal amount of loan. At the most you can request the Bank to waive the interest amount by explaining in detail your inability to repay loan with interest. They may consider your case; but such chances very rare. You can only try. If the loan is not repaid by you, their next target would be the guarantor. The guarantor would be asked to pay. In case of default, they will put claim to his property.