Hi All,
My sister got an education loan from a PSU for Rs.2.3 lac for the year 2008-2012. She paid 70000 during 2014-2015. And got a interest subsidy approved by Minsitry of HRD. Due to financial problems, she was not able to pay regularly and the loan was tagged as NPA and sold to Asset Reconstruction Company for Rs.1.4 lac. Now the ARC is asking us to pay the whole amount of Rs.2.3 lacs without considering the 70k already paid. They are saying they will levy interest also on the amount of Rs.2.3 lac. Also they are not ready to provide any legal document like Statement of account and NOC immediately even if we are ready to repay the loan amount of Rs.1.4 lac
Please let me know
1)If the ARC can charge interest on a loan that was tagged as NPA
2)What are the legal documents we must get from ARC before initiating payments
3)Due to financial conditions, is that fine if we pay only Rs.1.3 lac
4)Whom can we contact if the ARC is harassing us
