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Procedure to settle education loan if unable to repay it in time
09-Jan-2023 (In Banking / Finance Law)
I have taken education loan from Canara bank in 2010 under the scheme Vidya sagar. Disbursed amount 260000. Monthly I have returned by amount 5000. Now I don't have job due to that i couldn't pay for last two month. From bank i received a call, they are telling I have to pay atleast 4000 next day itself, otherwise they will proceed as revenue recovery. Could you suggest me a way? I have request for onetime settlement but they refuse.
Three consecutive defaults in repayment of loan will render the account as "Non Performing Asset". Once the account is thus classified by the bank after sending you a notice, they will start the recovery proceedings. Way out is to service the overdue amount immediately and get the account regularised. Otherwise you will have to approach court to get the account regularised.
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Adv. Murugan E.M.
Ernakulam | 25+ Answers
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Hi,
You must take up the matter urgently with Bank in writing that "you are willing for one time settlement and till the time no action to be initiated by the Bank". thereafter, you must negotiate with the Bank and mutually decide time of one time payment. If need more clarification, please feel free to contact me.
With Regards,
Adv RAJESH NEDUMPROM
You must take up the matter urgently with Bank in writing that "you are willing for one time settlement and till the time no action to be initiated by the Bank". thereafter, you must negotiate with the Bank and mutually decide time of one time payment. If need more clarification, please feel free to contact me.
With Regards,
Adv RAJESH NEDUMPROM
Helpful?
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Adv. Rajesh Nedumprom
Tiruvalla | 100+ Answers
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