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Education loan for engineering 1.8 lakhs unable to pay legal action
02-Mar-2023 (In Recovery Law)
Hello. I have an education loan for 1.8 Lakhs taken in 2005 for my Engineering, I am unable to pay the loan. can they take legal action ? Letter of Revival is not signed. The bank is now asking me to pay twice as much and pay 25% immediately and pay the remaining withing 3 months. I am not able to arrange for that much money. They are also saying that If i don t pay, they will take legal action against me and file a law suit. What do I do ? One more thing I am being asked to sign a Letter of Revival . They got angry that I didn t sign immediately. Can they file a case on me or arrest me ?
As per your statement, It is been 10 years since you availed education loan. If you are unable to pay Bank has right to file case against you. In fact they can criminal suit in case if you forged any document submitted to get education loan. Once they file criminal suit, you may face arrest warrant. Revival notice nothing but to intimate you to pay the outstanding. But, not signing on revival notice does not save you from legal case.
Now, they would have updated you information in CIBIL where, you may not able to take a loan from any of the Banks in future.
If i see the legal notice, I can suggest/negotiate for further level of action.
Thanks,
Niranjan.
26+
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