bank loan for education
rahul
(Querist) 01 September 2010
This query is : Resolved
respected sir,
i have obtained a bank loan of 990000 inr for my pilot training abroad by pledging my property worth 42 lakh on the date of loan.
i obtained the loan on may 2008. i am currently in converting my forign pilot licence to indian licence. bank was sending me notice regularly for repayment of loan.my self and my dad paid around 150000 inr as interest and we got a notice from bank stating that if i didnt pay interest withing 60 days they gonna seize my property. my father is an agriculturist and also i ve not yet landed with a job.i explained my situation to the bank but they said its only one yr course written in your document submited before but i need atleast
two years for training and passing indian pilot exams. how can a forign school state the duration that required in india.also they asked me to pay 170000 inr as pending loan interst.within 60 days or they said it ll be a npa and property will be sold off but the current value is around 90 lakh for the property and i have just 11lakh and 50 thousand loan. can i pay 10k inr everymonth
till i get a job. kindly help me as the land is the only source of income for my family without that we cant survive
Devajyoti Barman
(Expert) 01 September 2010
Make a written representation to the Bank stating the grounds of your predicament as well as the reliefs sought for. Still the bank initiates the proceeding under SARFACI Act then move application in the DRT for injunction/stay against the attachment notice.
rahul
(Querist) 02 September 2010
what is drt ? pls sir kindly explain
Parthasarathi Loganathan
(Expert) 02 September 2010
Please peruse the terms and conditions advised in your loan sanction letter issued by the bank and ensure that interest is paid uptodate. Further repayment of the loan would normally commence six months on completion of course period or gaining employment whichever is earlier. Banks will surely co-operate to apprise you the correct position. Please never get panic.
Uma parameswaran
(Expert) 02 September 2010
DRT means Debt Recovery Tribunal.You can give letter to bank and its higher officers.Definitely you will get sufficient time.
