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we had taken an education loan with colateral. but we couldnt pay back


28-May-2024 (In Recovery Law)
what is your advice regarding this, pay back the loan now. but we dont have enough cash for that. Or let it go to the court. did i get any consession if it go to the court. we had given our land as collateral. But we dont have cash to pay full money. So if we let it to court is that will be beneficiary. What is your view regarding this issue
Answers (1)

Answer #1
573 votes
Good day sir, sir this is a typical case wherein the bank can initiate proceedings under the SARFAESI act to recover the money. As you had mortgaged your landed property thay can take the physical possession of the property and sell out the property if you do not pay the entire loan. however you do have a remedy at court. You can get an order from the High court to pay the overdue amount in installments which will help you to save your property without clearing out the entire loan amount. please contact for further details and to take further actions.
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