Education loan
Sha
(Querist) 29 April 2016
This query is : Resolved
I took 4 lak education loan on 2009 without any collateral. I have compled my studies on 2012. I couldn't pay my education loan so far because of unemployment. I have received a call from bank regarding this. And they were saying that they are going to take legal action against me some thing like adhalat. They are demanding to pay interest amount in a few days it's around 2lak. Couple of days before I have entered in a job. My family financial background is so bad. We don't have any property. But gurantor of my loan my uncle have some. They called him and threatened for money.
I am planning to immigrate to Canada soon for a job.
What I can do my best is I can pay a certain amount from my salary every month.
If bank go against me will it stop me to abroad? Manger said so
Please help me.
P. Venu
(Expert) 30 April 2016
"But gurantor of my loan my uncle have some"! Please check. Education Loan upto 4 lakhs requires no guarantor.
The Bank can file a suit for recovery. But, being a civil proceeding, it will not affect you going abroad.
Rajendra K Goyal
(Expert) 30 April 2016
Bank has assisted you, you should arrange and return the money.
If your uncle was guarantor, Bank can recover from him.
Bank can not stop you from going abroad without court orders.
T. Kalaiselvan, Advocate
(Expert) 01 May 2016
Bank will recover the amount from the guarantor and he will in turn put pressure on you, so think about avoiding embarrassing situations.
