Educational loan bank adalat


respected sir, I am ayan basu took loan on dec 2007 for sum of rupees 370000 and due to my unsecured job till 2016 I was not repaid that such of amount and the educational loan account was became NPA from 2014 for sum of rs. 345000. Now bank want to attend bank adalat. Even I personally told my current situation to bank manager and he told me they can consider to give discount/ wave on my sum of pending amount. But if I went to bank adalat it will may reduce more. But my query is what is bank adalat? Can I get extra time for another 3 years to repay my education loan amount? i required 3 years time for my financial issue. cause I am only onewho is earing member in my family and my father getting only 1200/- pension and I am also married and stay with rented house and doing job in retail sector.. please guide me about the procedure of bank adalat and how much amount consider to wave from my loan amount and can bank adalat give such time to repay my loan? regards ayan basu
 
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CEO

BANK  ADALAT IS NOTHING BUT LOK ADALAT  CONSTITUTED UNDER lEGAL SERVICES  AUTHORITIES ACT    WHICH IS AN INFORMAL PEOPLE'S  COURT AND IF YOU AND BANK MUTUALLYY APPROACH lok ADALAT IT MAY SETTLEYOUR DEBT  DUE TOTHE BANK ON ACCOUNT OF EDUCATIONALLOAN. LOK ADALAT BRINGS ABOUT A SETTLEMENT OF REASONABLE AMOUNT PAYABLE  BY YOU TOTHE BANK ON MUTUALLY AGREED AMICABLE TERMS  AND WHOSE DECREE IS EQUAL TO A CIVIL COURT DECREE AND BINDING ON BOTH OF YOU.THE LOK ADALAT MAY DISPOSE OF YOUR CASE AT THE MOST WITHIN 1/2 AN HOUR.

 
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Retired employee.

Without your consent in writing, no Adalat can decide any thing (not Courts).  You can submit your repayment capacity, period and Bank may accept or suggest their figure, depending on both the versions, The president may convince you both for a figure which he may suggest or you may bargain depending on circumstances.  But without your written consent nothing can happen, and attending LA shows your sincerity in making a repayment.  If Bank approaches Court it takes years and definitely the decision may be in their favour.

So attend the same to establish your sincerity and make use of a good opportunity.

 
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Advocate

However, a settlement in Lok Adalat may affect your CIBIL score.

 
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