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Defaulted on my student loan and sent it to NPA


18-Jul-2023 (In Recovery Law)
My parents encouraged me to take a student loan for graduation with my father as co-signor. He defaulted on interest payments and sent the loan to NPA. They told me not to make interest payments as they will clear the amount in lum sump. The bank now has sent a notice for seize of the collateral property under SARFAESI act. I want to know what are our rights under it. They are trying to clear the loan before 60 days but highly unlikely. Will the civil proceedings show up in BG checks for jobs?
Answers (1)

Answer #1
769 votes
All financial institutions and banks offer loan on the terms and conditions settled by the RBI or the bank. You need to consult with the bank officials about the loan settlement. The bank has no concern about your job or your financial capacity if there are any clause or provisions for the settlement of loan amount Bank can give the benefit of those terms and conditions. For further ligal assistance feel free to contact me
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