Please let me have your thoughts on the appended query related to Education Loan I have taken: -
1. Loan taken date: Oct. 2006
2. Purpose of loan: Higher Studies
3. Duration of the Course: 2 years
4. When the course completed (date): August 2008
5. Repayment started by: December 2009
6. Monthly EMI: 10,000
I have paid till Mid 2012, and due to unemployment and financial crunch at family could not start repayment.
I understand that it is a public money and should be repaid amicably while discussing with Banks but efforts could not succeed.
Guarantor is my mother and she has the pension account with bank therefore they have blocked pension account and sent us a letter stating " we have received a Cheque from Guarantor which shows inefficient fund" in her account hence we will take legal action.
1. I have not signed a promissory note since the loan taken in Oct 2006.
2. Seems they are using cheque book of Guarantor which has been submitted at a time of taking loans. Please suggest what action I should follow as same can be resolved amicably.