Educational loan recovery after six years

Question

Educational loan recovery after six years

26-Apr-2023 (In Recovery Law)

An educational loan of Rs 3,50,000/- was sanctioned in the name of my son on 2007 for five years by PNB Rs 1,67,000/- is disbursed during the years 2007-2009, last installment of Rs 60,000/- is disbursed on 28/7/09. My son got expired on 18/06/2010. I have informed the bank about his demise. On 01/03/2016, I have received a notice from bank advocate from the recovery of loan and inform me that I am the co borrower in this loan, What is my legal status. Can I get the benefit of time barred debt. Because last installment is disbursed on 28/07/2009,bank sent me notice after six years.

Answers (1)

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LawRato LawRato · Accepted Answer · 2016-04-27T06:19:47+05:30

Having gone through the status of the case, it comes under the period of limitation i.e for 3 years, however in the case of a bank disbursing a loan amount, the same would have been treated as a Non-Performing Asset in the books of the bank. In order to take the matter further it is important to understand a chain of events from you and the schedule of payments made by you, the manner in which you informed the bank about the demise of your son, etc if any. Further, please be advised that a reply to the said notice should be immediately sent in order to protect your rights at this very instance. Rest assured once the background is clear to us, we will be better able to assist you.