Hi,
I took an education loan of 1,99,200 from a nationalized bank. After I completed my study and moratorium period the capitalized interest became 50000. So current Principle amount becomes 250000.
What bank has done is that bank is they have rescheduled the loan without my request within 18 months. Considering my emi is 5495 and ROI is 12%, when can bank reschedule an education loan based on 31(j) section of SARFAESI act.
My queries are:-
1. Can bank reschedule an education loan by its own as it is an unsecured loan.
2. Can the bank reschedule the loan even before 20% of the principle (not sure how much that will come for me).
Please provide your valuable guidance.
