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How to buy more time for repayment of loan
30-May-2023 (In Banking / Finance Law)
We have taken a rducation loan for my daughter in 2012 she was a engineering student in chennai.after completion study.she got a job in m n c and we started to repay the amount .we all most paid the 80℅ of the loan .due to some reasons she (daughter resign from the job and the other financial problems Aldo we are facing now.due to this we didint pay the loan instalments few months.every time bank peoples are calling her and threating and shouting.they (bank) saying if we didint close this amount we have to pay full amount again .and we have to face lot of problems and bank will put her (daughter) name in black list etc.how we can get some more times to settel this (bank name PNB
You will have to make a payment plan and discuss it with your bank manager or relationship manager. The extension period will depend on your loan amount or any security against the loan. It should not be a problem for bank to extend the repayment schedule because they would be earning interest out of it
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Adv. Shekhar Raj Sharma
Delhi | 100+ Answers
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Do let the bank know that your daughter has quit her job and looking for a new job. They should grant you some time for repaying the rest of the dues. You can also discuss with the bank for a settlement scheme that will reduce your interest burden. Also, if recovery agents are threatening over phone you can file a complaint with the bank authorities and ombudsman.
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Adv. Joydeep Nath
Delhi | 100+ Answers
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firstly, you can always seek a extension of time from the bank by submitting a fresh instalment plan. Secondly the bank cannot ask you to pay the whole amount again. Yes the bank would always charge you interest against the pending principal amount. I would suggest you to read your loan agreement again and act according to it. You can also remind the bank to act according to the terms agreed. What's mortgaged against the loan ?
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Adv. Shekhar Raj Sharma
Delhi | 100+ Answers
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