regarding education loan query

This query is : Resolved 
 

(Querist)
10 November 2017

Hi...this is Amit
One of my took education loan of rs 4 lakh (without any security) from RRB in 2011 now he got the job one year ago. but he is having other debts too much so he was not able to repay the loan
Now bank torturing his father and compelling them to sign some documents ( I don't know exactly what kind of documents it is)
Can bank take any legal action against him and his father? Does it can affect his present job

I think document was to renew the document provided in 2011 at the time of loan as in education loan documents become time barred ( it is my personal opinion)

Can bank take action against on the basis of time barred documents and he does not provide any documents or signs in last 3 years to the bank.

Regards


Sudhir Kumar (Expert)
10 November 2017

You have not shared as to whose job you are worried about and what is job o father and what is job of son.

You are also not clear when was the last refusal to refund and what are the documents now bank want them to sign.

Ms.Usha Kapoor (Expert)
10 November 2017

Reply the queries raised by Mr.Susir lkumar .In betwemj you made ajjny 0part payment f bank loan?ff you xome oyt with ful materail we can answer.. If no part payment has beejn payed by yy 4either towards principal or interesr in these 5 6 years your loan is timre barred. The bank can't recover the loan fr0om you.

Rashid Hussain (Querist)
10 November 2017

No part payment made by him since last 2013 and both son and father are govt servant.

JIGYASU: Legal Analyst (Expert)
10 November 2017

At first you are required to know what is that document based on which your query is related.

Further, why do you believe that the bank may allow your friend to swallow public money so easily. Why can't or should not the bank take any action to recover its dues? Even if time bar, there is no dearth of legal solutions for the bank.

Ms.Usha Kapoor (Expert)
10 November 2017

Bank can recover its loan by showng suffficient cause for their 1 year delay in recovery of loan.

Dr J C Vashista (Expert)
11 November 2017

Vague query without relevant information, consult a local lawyer with all details if you do not want to respond to the questions raised by experts hereinabove.
Otherwise proceed as advised by impersonating expert who has replied on the basis of presumption.

Rajendra K Goyal (Expert)
11 November 2017

You asked:

Now bank torturing his father and compelling them to sign some documents ( I don't know exactly what kind of documents it is)

Reply:

Generally in education loan father is guarantor / co borrower / co-obligate. If such is a case Bank has right to recover from guarantor / co borrower / co-obligate.


You asked:

Can bank take any legal action against him and his father?

Reply:

Bank has right to recover its loan from borrower / guarantor / co borrower / co-obligate.

Rajendra K Goyal (Expert)
11 November 2017

You asked:
Does it can affect his present job I think document was to renew the document provided in 2011 at the time of loan as in education loan documents become time barred ( it is my personal opinion)

Reply:

Generally job is not effected, however, one should honour its commitment to institution which has extended help when he was in need. His repayment may assist any other needy.

Rajendra K Goyal (Expert)
11 November 2017

You asked:

Can bank take action against on the basis of time barred documents and he does not provide any documents or signs in last 3 years to the bank.

Reply:

If the loan is not time barred, though the time of execution of the documents have been more than 3 years Bank can recover. In present case, time would be considered from date of disbursement of the last installment. Say documents executed in Jan,2011, last installment of loan was released in Jan, 2015, the loan would become time barred in Jan,2018.

JIGYASU: Legal Analyst (Expert)
11 November 2017

Good joke with experts! Mr. Rashid Hussain is asking question in the name of Mr. Amit.

Why don't you make clear that you want to know the answer to your academic query?

JIGYASU: Legal Analyst (Expert)
11 November 2017

Good joke with experts! Mr. Rashid Hussain is asking question in the name of Mr. Amit.

Why don't you make clear that you want to know the answer to your academic query?



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