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Revenue recovery for defaulting educational loan
11-Aug-2023 (In Recovery Law)
Hello Sir I had taken an educational loan in the year 2013 of an amount of Rs 1,39000,but could not repay it back since I did not get a proper job. I landed on a proper job only this year since July.My family also could not pay the loan as already they have home loans and my father's property is already pledged to the bank for the same. Now I have received a revenue recovery notice from my bank ( SBI ). Could you suggest me a way?I just want an extended period to pay. Thanks
Since you received the revenue recovery notice, you can approach the bank authorities directly and explain your circumstances before them. All major Banks including SBI will conduct Adalats for settlement. They will include your case also in one of the settlements. They will reduce the loan amount and may ask for one time settlement.
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Adv. S Sreekumar
Trivandrum | 25+ Answers
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