Martin Alex 08 January 2022

Ots settlement

Dear experts,
I taken a education loan from indian in the year of 2006.i completed my degree in 2010..After completing the degree i wouldn't get the job till 2014..Now my education loan was transfer to Relaince ARc.. But i couldn't get any information officially.. But right now I ready to repay the amount in 4 installments to the bank.. But they didn't accept that.. They want to clear the payment on single payment mode.. Every day they called me and starting harased me.. Right what I do.. Please advise

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3 Replies

Sandipan Mishra 09 January 2022

Hey. first of all the bank employees dont have the right to abuse or harass a customer like you. you took loan in the year 2006 which is 16 have passed by. now if you are ready to pay loan in 4 installment then you can take the permission of court before they drag you. you can get an injunction order from civil court where the banks wont force you to pay the amount in one settlement. Since no communication was offered to you you can file a case against bank in a court of law.

Shashi Dhara 09 January 2022

If you are ready to pay in installments then save the money in another bank which you have to clear the debt after a lumpsum amount accrues in bank then clear it thru compromise .till that change your phone number

P. Venu (Advocate) 10 January 2022

The Bank cannot unilaterally enforce the payment. They need to approach the Court of Law. If they are not accepting payment in instalments, wait till the matter reaches the Court.

As regards to the harassment by the collection agents, please take a firm but a principled stand, especially as to actions amounting to harassment.