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Q. Education loan unpaid and Lok adalat

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Shanmuga Kumar

posted 1 year ago

Q.Education loan unpaid and Lok adalat
I bought education loan in 2008 as 118000 I didn't pay small amount to bank till now because of lack of salary and job and also kidney stone problem my health and also poor farmer family. Indian overseas Bank now send notice to me pay a NPA amount outstanding 271200 past ten there was no notice or call from bank also .we thought that bank loan and interest was discounted by government and bank..what can i do. Now bank was told come for lokadalat or you should pay 30000 now and monthly 3000 .bank ask for me Aadhar card and pan card for lokadalat process's.shall I produce Xerox copy of those .there was any problem occur while Aadhar and pan card details given to bank in future.please any body explain me and clear my all queries?

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Ambrose Leo

Experience: 9 Year(s)

Responded 1 year ago

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A. ) While taking the loan surety & collateral asset & property is pledged to the Bank .The bank can enforce the education loan through the competent agency.Better to consult a Lawyer from panel of Vidhikarya to guide & help you quickly on all aspects of repayment.

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Nirmal Chopra

Experience: 20 Year(s)

Responded 1 year ago

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A. ) You cannot run away to pay bank the money due to it.It will be better you go to look adalat and negotiate as much as possible on the point of penalty and interest.

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Shanmuga Kumar

Replied 1 year ago

If there is any chances to reduce interest .and another question if I produce Aadhar and pan card for call for Lok adalat there was any demark entered into my Aadhar and pan number ..

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 1 year ago

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A. ) Decree will be passed in lok adalath. Better contest the case and then go in appeal.

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Shanmuga Kumar

Replied 1 year ago

If there is any chances to reduce interest .and another question if I produce Aadhar and pan card for call for Lok adalat there was any demark entered into my Aadhar and pan number ..

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Shanmuga Kumar

Replied 1 year ago

Thanks for your wonderful replies ..can u explain in detail please sir

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