Not graduated under educational loan

Guna (Querist) 20 November 2015 This query is : Resolved
I availed loan of amount 7.5L on 2009 to pursure MBA abroad and unfortuantely quit the studies as my Mother had Parkinson's disease.

Now tha banker has called for recovery and says that the amount has doubled and they gonna file a case. I am married now and not working. How can i handle this situation

I am not able to repay the moeny as i am unemployed and I am taking care of my mother.

Please do advice me

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ROHIT SHARMA (Expert) 20 November 2015
1. The bank will indeed file a litigation. When they do so appear before the court and seek the matter to be heard before lok adalat. before the lok adalat you can negotiate for repayment rescheduling. or else you will have to seek bankruptcy decree from the court unless you do not have any movable or immovable property.

Guna (Querist) 20 November 2015
Thanks rohit... My worries are whether the bankers can manhandle.

Sudhir Kumar, Advocate (Expert) 21 November 2015
mistake after mistake.

MBA after taking huge loan ?

Now a days MBA boys are joining as clerks /peon in Govt deptts.

Then not paying the loan.

Do not ever think that bank people were stupid while giving you loan. they have already assested where from to recover when you default.

they will do heir job and you liability of interest keeps mounting.

SO pay the loan today.

Guna (Querist) 21 November 2015
Mr. Sudhir,

Thanks for your reply.

The problem is the college I have joined wasn't a authorized one. After finishing hte studies many of the students were unemployed as they were not coming from a reputed concern though they are brilliant.

I didnt submit any asset for the educational loan.

Rajendra K Goyal (Expert) 21 November 2015
It is strange that Bank released this much amount with out adequate security and for studying in un-authorized institution?

Bank would file case and may take a decree, it is not concerned with your employment.

It would be advisable to request Bank for settlement.

Sudhir Kumar, Advocate (Expert) 21 November 2015
In this case it is hard to believe that bank could offer you that much money without anyone being co-borrower nor recording any information about the paying re-capacity.

If it is true that

(i)you availed loan for being in aututhrised institution.

(ii) you availed loan without proving re-paying capacity.

Then such loan could have been obtained by misrepresentation/ connivance of bank officials / or both. In such case you should not be surprised if FIR is registered against you.

Sudhir Kumar, Advocate (Expert) 21 November 2015
Your story further lack coherence.

(i) you say you quit studies due to domestic reasons. (hard to believe. A student studying by loan doe snot prop studies like that -- but may be true

then

(ii) you say that "college I have joined wasn't a authorized one. After finishing hte studies many of the students were unemployed as they were not coming from a reputed concern though they are brilliant"

please come with the truth.

Sudhir Kumar, Advocate (Expert) 21 November 2015
I again repeat (as you also confirmed about such institute) many MBA/B Tech/ BE/ MA BEd boys are joining as peons in govt offices.

Find job as p;er your capability.

Guest (Expert) 21 November 2015
"I didn't Submit any assets for the Loan" So you are happy.Only because of People Like you Genuine Students Suffer and the Bankers are tightening their Rules Only for these reasons.Now you say you are married with out any Job.Excellent.

Sudhir Kumar, Advocate (Expert) 22 November 2015
HOW COULD YOU MANAGE TO GET MARRIED WITHOUT A JOB AND HEAVY LOAN ON HEAD.

By hiding facts?

Sudhir Kumar, Advocate (Expert) 22 November 2015
I again repeat (as you also confirmed about such institute) many MBA/B Tech/ BE/ MA BEd boys are joining as peons in govt offices.

Find job as per your capability.

T. Kalaiselvan, Advocate (Expert) 26 November 2015
You may follow the advises rendered by experts above

Not graduated under educational loan

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