What is the limitation period for paying education loan?
24-Oct-2023 (In Corporate Law)
I do not want to pay my education loan amount. how can i do this?
Please note that once you have availed of certain financial services, in this case, Education Loan, you are obligated to repay the loan. With respect to the duration of the loan period and when interest will start accruing on the loan amount will be clearly mentioned in the loan documents provided to you by the financial institution through which you have availed the loan amount.
Kindly note your statement that you are not willing to pay the loan amount is an act illegal under Law and this can attract criminal and civil actions against you and the person who has stood as surety on your behalf while availing the educational loan. It is also important for you to know that if you have pledged any immovable property as security while availing of the loan can also be attached by the financial institution and in the process of recovering the loan amount from you the said security can be auctioned by the Financial Institutions to recover the loan amount.
Kindly thread very carefully and would recommend to provided further details as to the reason why you are unwilling to repay the education loan availed by you.
Kindly note your statement that you are not willing to pay the loan amount is an act illegal under Law and this can attract criminal and civil actions against you and the person who has stood as surety on your behalf while availing the educational loan. It is also important for you to know that if you have pledged any immovable property as security while availing of the loan can also be attached by the financial institution and in the process of recovering the loan amount from you the said security can be auctioned by the Financial Institutions to recover the loan amount.
Kindly thread very carefully and would recommend to provided further details as to the reason why you are unwilling to repay the education loan availed by you.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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