Menu
keyboard_backspace
ask a question ask a question
Get Realtime Updates of your Request. Download Vidhkarya App

Ask a Question - Free Legal Advice

Q.Education Loan
Administrative Law (467)
Adoption (125)
Advertising (59)
Animal Laws (40)
Arbitration and Mediation (50)
Aviation (16)
Banking (591)
Bankruptcy and Debt (201)
Cheque Bounce (423)
Child Custody (166)
Civil (2152)
Commercial (93)
Consumer Protection (582)
Contracts and Agreements (486)
Corporate and Incorporation (114)
Criminal (1681)
Customs, Excise (42)
Cyber, Internet, Information Technology (349)
Debt and Lending Agreement (79)
Debt Collection (178)
Divorce (664)
Divorce and Separation (1600)
Documentation (314)
Domestic Violence (645)
Election Campaign and Political Laws (23)
Employment and Labour (1168)
Environment and Natural Resources (31)
Equipment Finance and Leasing (3)
Family (2056)
Financial Markets and Services (101)
Government Contracts (57)
Human Rights (278)
Immigration (56)
Industrial Laws (66)
Insurance (81)
Intellectual Property, Copyright, Patent, Trademark (110)
International Laws (12)
IT Contracts (54)
Juvenile (17)
Landlord and Tenant (625)
Licensing (21)
Mail Fraud (18)
Maternity (61)
Media, Communication, Entertainment (16)
Mergers and Acquisition (20)
Military Laws (15)
Motor Accident (144)
Muslim Laws (60)
Outsourcing Agreement/Laws (5)
Partnership (64)
Police Laws (64)
Power of Attorney (75)
Privacy (97)
Property (3011)
Real Estate (433)
Registration (139)
RTI (111)
Sale (57)
Sale of Goods (20)
Sex Crime (142)
Sexual Harassment (6)
Sexual Harassment at Workplace (69)
Software License (4)
Tax (19)
Tax-GST (10)
Tax-Income Tax (26)
Tax-Property Tax (33)
Telecommunication (13)
Torts (22)
Transportation (64)
Trust and Society (NGO) (89)
Will (144)
Work Permits (33)

Q. Education Loan

My son had taken education loan of 7.5 lacs for his education in the United Kingdom. He completed his studies but had to come to India as his visa was not renewed. He did not get a suitable job and had to start working for call centre where he was drawing only 20000/-. Uptill the time I was warking, I paid his instalments of Rs.21000/- per month for about 2 years. Thereafter due to financial loss in business, I could not continue paying.
At the time of taking loan, he was 17 years 8 months (minor) and has not signed any of Bank agreements. I had signed as guardian. Is he liable along with me? Bank has filed recovery suit in DRT for 11 lacs. Plz guide me
Share this questionShare Icon

Showing 5 of 5 Responses

A. You are in dangerous situation. Your son who is major also liable. Get insolvency certificate.

Found Helpful
Found Helpful
Share this answerShare Icon
Reply Here

A. Yours will be an interesting case to watch out for. A minor, first of all, cannot be given loan and if given then the minor cannot be forced to repay the loan. The Bank has already given the loan and will be difficult for them to coerce or take any legal step to force your son to repay. You being a guarantor they may armtwist you but you don't lose your ground. As suggested by other learned lawyers bargain with the bank and get this closed.

Found Helpful
Found Helpful
Share this answerShare Icon
Reply Here

A. Request the bank for one time settlement to waive out complete interest.on your poor financial ground.or u may request the bank to charge lowest minimum interest rate on principal amount.If no property is mortgaged,then don't worry.keep bargaining with the bank.Bank will finally may accept your proposal

Found Helpful
Found Helpful
Share this answerShare Icon

Ved prakash Shaw

Experience: 38 Year(s)

Responded 1 year ago

View All Answers
Reply Here

A. The Bank can exercise the education loan from the beneficiary of loan & guarantor or guardian individually or jointly as the case may be.Better to consult a Lawyer from the panel of vidhikarya to protect your interest quickly.

Found Helpful
Found Helpful
Share this answerShare Icon

Ambrose Leo

Experience: 9 Year(s)

Responded 1 year ago

View All Answers
Reply Here

A. As aatter of principle, minor cannot be held accountable. However go through the terms and conditions of loan agreement also

Found Helpful
Found Helpful
Share this answerShare Icon

Nirmal Chopra

Experience: 20 Year(s)

Responded 1 year ago

View All Answers
Reply Here
Categories
Administrative Law (467)
Adoption (125)
Advertising (59)
Animal Laws (40)
Arbitration and Medi... (50)
Aviation (16)
Banking (591)
Bankruptcy and Debt (201)
Cheque Bounce (423)
Child Custody (166)
Civil (2152)
Commercial (93)
Consumer Protection (582)
Contracts and Agreem... (486)
Corporate and Incorp... (114)
Criminal (1681)
Customs, Excise (42)
Cyber, Internet, Inf... (349)
Debt and Lending Agr... (79)
Debt Collection (178)
Divorce (664)
Divorce and Separati... (1600)
Documentation (314)
Domestic Violence (645)
Election Campaign an... (23)
Employment and Labou... (1168)
Environment and Natu... (31)
Equipment Finance an... (3)
Family (2056)
Financial Markets an... (101)
Government Contracts (57)
Human Rights (278)
Immigration (56)
Industrial Laws (66)
Insurance (81)
Intellectual Propert... (110)
International Laws (12)
IT Contracts (54)
Juvenile (17)
Landlord and Tenant (625)
Licensing (21)
Mail Fraud (18)
Maternity (61)
Media, Communication... (16)
Mergers and Acquisit... (20)
Military Laws (15)
Motor Accident (144)
Muslim Laws (60)
Outsourcing Agreemen... (5)
Partnership (64)
Police Laws (64)
Power of Attorney (75)
Privacy (97)
Property (3011)
Real Estate (433)
Registration (139)
RTI (111)
Sale (57)
Sale of Goods (20)
Sex Crime (142)
Sexual Harassment (6)
Sexual Harassment at... (69)
Software License (4)
Tax (19)
Tax-GST (10)
Tax-Income Tax (26)
Tax-Property Tax (33)
Telecommunication (13)
Torts (22)
Transportation (64)
Trust and Society (N... (89)
Will (144)
Work Permits (33)
Talk to a Lawyer
Post Your Matter
Request Callback
Contact Us