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What if I have paid more than the loan amount but bank wants more?
30-Dec-2023 (In Banking / Finance Law)
My wife got education loan of 2.76 lakhs on 2011. And paid a interest of 4.33 lakhs as per now. Bank is saying still there is over due of 1.54 lakhs. And the are saying to pay or they will file case in court. We got married 3 months back. We don't have such amount. We paid more than we got. Please kindly give some informations or clarity.
You say you have paid the interest. What about repayment of the principal loan? Call for a loan statement from the bank and verify whether the correct rate of interest has been applied and whether all your repayments have been duly accounted for. If you have not repaid the principal loan amount, the bank shall be entitled to recover it from you.
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Adv. Swaminathan Neelakantan
Coimbatore | 400+ Answers
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