Education loan
Hemant Pamnani
(Querist) 06 February 2016
This query is : Resolved
Sir I took a education loan of 5 Lakh from SBI in 2009 putting my home as collateral but due to some reasons I am not able to deposit the instalment regularly approximately I have deposited 3 Lakhs but still statement shows that I have to pay 8 Lakhs more.so what can be done in this case so that I can save my property,the college for which I took this loan is now close because the affiliation of university which college has becomes fraud due to NOC which state govt. needs
Advocate M.Bhadra
(Expert) 06 February 2016
Do you have Bank Statement and have received any demand notice from the Bank ? Submit an application to the said branch and also regional office of the said Bank to consider or re-schedule of EMI and waived the interest. If the Bank would not agree with your request then file a suit for Declaration and Injunction in Civil Court. You can also file a Writ of Mandamus in the Constitutional Bench of the High Court for relief and redress etc or let them to take action.
Rajendra K Goyal
(Expert) 07 February 2016
Generally Bank avoid to give education loan to sub standard institution students. In your case acceptable collateral was available, hence Bank may have proceeded.
Bank deals in money, you may or may not get degree / employment, you are liable to pay as per agreement.
You can ask the Bank to provide you the account statement. There seem some miscalculation. It is possible that you were provided SBI life policy also.
It is in your interest to arrange for the money and get rid of it otherwise Bank has adequate powers to auction the property under SARFASAI Act.
