When does a education loan account turns into npa

Querist : Anonymous (Querist) 31 December 2011 This query is : Resolved
I had took a education loan in 2008.

Now I am not able to pay the instalments regularly onn time, Since, I am pursuing further education.

So I want to know whether my Education Loan Account will Turn into NPA.

If, so what are the legal actions that can be taken by bank against me.

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Devajyoti Barman (Expert) 31 December 2011
Since it is an unsecured loan, your property would not be attached initially.
The Bank can file a civil suit for recovery of money.

Shailesh Kr. Shah (Expert) 31 December 2011
Request bank to extension of repayment of loan.

ajay sethi (Expert) 31 December 2011
request the bank to lower the EMI or extend the period of loan . if you fial to repay bank will take recovery proceedings against you

Advocate. Arunagiri (Expert) 31 December 2011
If you are pursuing further education, you can inform the bank, there is a possibility of getting additional loan for further studies.

prabhakar singh (Expert) 01 January 2012
"whether my Education Loan Account will Turn into NPA."
YES is the answer.
"If, so what are the legal actions that can be taken by bank against me."

Realization by suit/application in civil court/tribunal depending on loan amount.

Shonee Kapoor (Expert) 02 January 2012
Agreed with experts, if you have the inclination to pay, then better go, sit and negotiate with the bank.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

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