Loan recovery-Education & Personal Loan
Querist :
Anonymous
(Querist) 29 January 2011
This query is : Resolved
My husband had borrowed
1)Education loan for his UnderGraduation from a bank through his dad.
Year:2003 (State Bank of India)
Amount: Rs.60,000
2)He had purchased a Laptop for education
Year:2005 (Corporative Bank)
Amount: Rs.40,000(Through his dad)No Security or property pledged.
After he got a job in UAE with a small salary of Rs.10,000 with company bachelor accomdation,& after his basic expense he was sending money around Rs.8000-9000 to his parents to pay-off the loans.
But only when he went to India he realised they had not paid a penny to the bank.Now after recession situation has become worser and his income is just sufficient for us to live.Now bank had started bothering his parents.
My question is:
1. When the loan was borrowed he was 20yrs of age .Can the bank proceed legally against him or his parents?
2. His parents or he has no property such as (Land or other assests).In this circumstance, how will the bank recover the loan?
Advocate. Arunagiri
(Expert) 29 January 2011
As he is the major at the time of obtaining loan, your husband is responsible for the repayment. If there is any sureties they will also be liable to repay the loan.
