quesNot able to pay bank loan how can bank recover the amount

Sir i am unable to pay the education loan of 2.8 lakh,please tell me that can bank take legal action against a student?at the time of loan bank seposit duplicate signed documents of my house,and multiple signed document by my mother, sir a am jobless for more than one year how can i pay 4 lakh,please sir tell me what the bank can do if i dont paythem

  • ansMadam ,

    The Bank most definitely can take action against you for not paying the loan taken even if you happen to be a student or jobless. Obviously, if you have given house and requested your mother to be your guarantor the bank will have full rights to recover from your mother if not you .
    More importantly in future when you approach for legal advice please ask the right question and enquire :-
    How can I save my interest in current scenario and not what will bank do if I do not pay them .

    Should you have any further queries feel free to ask .
    Warm Regards ,

    Advocate Salonee Agarwal

      Sher Shah Road, Delhi

  • ansBank will initiate recovery proceedings against the defaulter under Scrutinization and reconstruction of financial assets act under section 13 and can attach the mortgage property and sale off to recover the dues. The surplus proceed will be given back to party.
    However without entering into the legal implications the dues can be paid, however better advise may be tendered once I look your complete documents.

    Advocate Anuuj Taandon

      Aliganj, Lucknow

  • ansThey can realise the loan given to you by approaching Debts Recovery Tribunal. If you wish to defend yourselves, please get in touch. They will first declare your loan account a Non-Performing Asset and thereafter knock the doors of the Court to recover the loan amount together with interest from you. You may call me for further advice.

    Advocate Vibhanshu Srivastava

      Vikas Nagar, Lucknow

  • ansSir, the bank can proceed against you under Sarfasei Act and seize and auction your house which is mortgaged with it. It you want to pay the loan, you can file a writ petition and High Court will direct the due amount to be paid in instalments. Some DRTs also pass similar orders.

    Advocate Nishant Mehrotra

      Civil Lines, Allahabad

  • ansYes a bank can initiate recovery proceedings against a student for repayment of loan. It would be advised to speak to the concerned bank official for leniency in repayment of loan and to decide on a mutually suitable repayment schedule.

    Advocate Madhavi Swaroop

      Vasundhra, Ghaziabad

  • Send a legal notice for recovery of dues @ Rs. 1999/- only

    Know More
  • 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 Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
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