vijay (Lecturer) 07 July 2012

Educational loan not paid from 4 years what will be action

I had taken 2,40,000 education loan from Vijaya Bank on 2008 to do MBA. I have paid 10,000 till now i didnt got job. Now i'm working as a lecturer and getting 15200 salary. The bank has already given 2 or 3 notices but i have not respondend it. Now from the Court i recieved Petition letter that i must pay 1,43,000 within 9th of July..I dont have even 1000 Rs also.

The land property i gave it as surety also and it become NPA. Now the loan amount is 4,00,000 something.

What action the bank or the court will take upon me???

Please help me by providing any suggestion anyone......

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2 Replies

atmaranjan mohapatra (advocate) 07 July 2012

Request the bank for complete wavier of interest .But as you are liable to pay the principal amount , so it is adiseable to clear the principal amount in 24 instalments ,if Bank is agreeable . Failing which the bank will sell the land property and recover its dues .