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Could not repay education loan manager harassing
09-Dec-2023 (In Recovery Law)
I took Educational Loan from IOB for 6.5 Lacs;they got collateral Security in the form of Third Party Guarantee and my house documents as mortgage. I completed my degree in B.Tech last year - 2015. I am unemployed and adding to this, we faced a heavy loss in our agriculture for the last 2 years. So we couldn't start paying the Monthly installments. So I met the Bank Manager and explained about my situations. Then he started threatening my Dad that we will loss our home and my Aunt (Guarantor) by saying that her salary will be deducted automatically for my Loan amount.(1) The bank manager came to my home and started threatening my Dad that we will face problems in case we don't pay the installments every month. (a)Can a bank manager visit customers home for recovering the debts?(b)Can he threaten us by saying like this? (c) can a bank manager act as a recovery agent before enlisting me as a defaulter?(d)Don't he need to sendnotice to the customers legally before act as a recovery agent?
First file RTI Application seeking for certified copies of all loan documentation papers executed by you, specific reasons for making an operative account as NPA, though regular repayments are there, and for a copy of such loan account ., and ask for exact amount of overdues with break up of interest and principal. Infact, Bank has to adjust interest first and principal later. Read the terms and conditions mentioned in your term loan agreement. After studying entire documentation, you may seek for rescheduling your loan. Please do not jump into conclusions, as NPA makes the Bank a head ache and adding account in those already accounts brings them more trouble. It is advantageous to borrower to some extent, as you can bargain for concessional interest for outright closure. Do not suspect Bank and understand their problem and negotiate. You need not worry about this, and be thankful for the Bank for assisting you in time. If you have any specific doubts, seek information from the concerned branch through RTI.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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