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Bank not ready to settle education loan what should I do now
12-Aug-2023 (In Arbitration Law)
I got a education loan 1.66lacks for my BE and I have not paid the interest amount so far , bank person saying double the amount 3.5laks and I need waive off interest or I want to make a one time settlement , bank person threatening me to pay full amount. What should I do?
Give a one time settlement letter to them by Register post. In that letter u can seek wait the interest and penal interest amount. Bank person or collection agent cannot compel you to pay the full amount. They can resort the recovery proceedings after issuing the notice under Sarfeasi act or debt recovery act. If u have been served such notice, contact me I will clarity to you.
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Adv. Selvaperumal
Chennai | 100+ Answers
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