Educational loan

Guest (Querist) 24 February 2016 This query is : Resolved
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Rajendra K Goyal (Expert) 24 February 2016
Bank has given loan for your studies and liable to recover after time has passed. You have not returned even after 10 years of the loan.

Due to your act your sister has to face embarrassing situation before the Bank and has to suffer in her carrier advancement. However, she should have represented higher officials for this. Even after this also you did not cared to pay back.

From your post it seems you are not serious to fulfill your liability even after 10 years and want to porlong the matter on flimsy grounds.

In such case Bank has every right to take legal steps as per law to recover its dues.

Can Bank show your promise in its Balance sheet / to auditors / to RBI and consider your loan as standard asset.

Try to arrange funds from parents on soft terms and settle the account.