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NON COLLATERAL EDUCATION LOAN-PLZ ANSWR


23-Oct-2023 (In Recovery Law)
Iam having an education loan in canara bank for my studies and i didnt paid installments yet, My father is the gauranteer for loan and he passed away, Iam working and with my salary iam looking my mother, we dont have an asset of single rupees including home (living on rental) bank followed many times for repayments, Last week recieved notices from nesl about this loan? what kind of action did they can possible to take? I dont have money to pay and due that reason i didnt paid yet, loan taken
Answers (1)

Answer #1
620 votes
Since you have taken an educational loan with no collateral security ( property) and since you have no property of your own, the bank can only file a suit for recovery of money against you. By filing a suit for recovery of money, they can get a decree in their favour wherein you wil be ordered to repay the money with interest. If such a suit is filed against you, you have to engage an advocate to defend you. I can get a more clearer picture of their action once I see the notices you have received and will advise on the most appropriate action we can take. Thank you.
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