Loan recovery

Anand Jha (Querist) 25 March 2017 This query is : Resolved
In 2006 my friend took an education loan of Rs.27000/- repayable in 24 installments.
Education Loan generally repayable after getting Job but his loan EMI start immediately from next month. Actually Bank Agent told him lie that it is education loan actually that was personal loan. Anyway he started paying EMI. He paid all 24EMI.
After 4 Years he received calls from recovery agent that your loan is unpaid so visit to branch. He again called after 2years and warned him and tried to harassed him lot, but he ignored.
Now again they start calling, they are calling to my boss and warned him that they call director of company also.

At present he has not any document of loan, and the Bank account also closed after paying 24 EMI but not have statement. He told to recovery agent for submitting on email calculation how the amount remained unpaid but he has been told to visit branch. He is doing job in interior and due to busy schedule he is unable to visit.

Can Any one suggest what should he do?

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Kishor Mehta (Expert) 26 March 2017
He should have the receipts of payments made, submit copies to the bank.
Good luck,
Kishor Mehta

Rajendra K Goyal (Expert) 26 March 2017
The loan seem to be time barred.

rajeev sharma (Expert) 27 March 2017
Your problem may not be sorted out till you visit bank. The facts of your case show that you donot have any document of loan with you so if you donot visit bank you will not be able to collect information. In case it is not possible for you to visit bank authorise any of your family member/ friend to contact bank and obtain information.Even if that is not possible send a letter under RTI Act to bank asking for copy of loan documents executed by you in favour of bank and a copy of statement of account .You may also ask the bank whether any recovery proceedings have been initiated against you by the bank and if any recovery agent is appointed.
When you are armed with all these information you may decide further action

Anand Jha (Querist) 28 March 2017
Rajeev Sharma Ji,

Tell me one more thing, if bank provide me document then who will sort out the problem, Bank or Recovery agent?