How can we handle error/exception in force record edit tag in custom Lightning Component?

I Have used force:recordEdit tag for editing a record in custom component. It is working fine if there is no exception or validation error while saving the record. It also provides an event named “onSaveSuccess” after a successful transaction. But in the case of an exception or validation error, it does not provide any error message or any event. I want to display the error message in the UI. Also, I don’t want to use timeout function for this.

Let me know if there is an alternate solution.