Education loan

vijayan viji (Querist) 30 June 2022 This query is : Resolved
Sir, I get loan from Iob, at 2012 of Rs.135000, now loan reached rs.297000.
Bank offer me 170000 in this February 2022 , I reach bank with rs.170000 on march 22,

They didn't accept my money, they told your loan sale to RARC , they I'll collect ur loan.

After few months 20 days back RARC contact me and demand of Rs.230000.

Wat I I'll do sir... How can I reduce my OTS.

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A borrower is seeking advice on an education loan taken in 2012 which has significantly increased in value. The original bank sold the loan to a Reliance Asset Reconstruction Company (RARC), which is now demanding a higher repayment amount. The borrower is looking for ways to reduce the outstanding amount and settle the issue, as the bank has stated they can no longer assist.

Dr J C Vashista (Expert) 02 July 2022
Settle the issue with your Bankers.

vijayan viji (Querist) 02 July 2022
Bank manager said, we sold ur loan to RELAIANCE ARC.. We can't do anything..

Any other option sir...

kavksatyanarayana (Expert) 08 July 2022
Do you mean that “Reliance Asset Reconstruction Company”? I opine, that this company will purchase through bank auction only. You have to amicably settle the issue before sale by the bank. You request the RARC to pay the amount of Rs.2,30,000/- in EMI within a year. If they do not agree, no option in my opinion.

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