90,000+ Legal Questions Answered
Study loan - took study loan from IOB Bank tamilnadu
1 year ago
I took study loan from IOB Bank tamilnadu.Due to financial problems can't able to repay the loan and became NPA and sarfaci act notice came. We spoke to headoffice and regional office to give some time or reducing of interest but they didn't.Now they sticked possession notice and informed us to pay within 1 week thn they will publish in newspaper and further proceed with jepti.
So what should I do now.can I move legally .what are the procedures to do hereafter.will they reduce amount? Need some more time or can we go for OTS?
A.Dear client,
1. There is no harm in receiving the notice issued by the lawyer of the bank. Accept the notice and reply to it through your lawyer and ask them to extend the window for repayment. Explain clearly in this reply the difficult situation you are going through. Assure the bank of repayment, provided they extend the time.
2. Since you have defaulted in payment of EMIs the bank will not settle for anything less than a lumpsum payment of the outstanding amount. If the bank files a civil suit then you can request the court to refer the matter to Lok Adalat for mediation.
1. There is no harm in receiving the notice issued by the lawyer of the bank. Accept the notice and reply to it through your lawyer and ask them to extend the window for repayment. Explain clearly in this reply the difficult situation you are going through. Assure the bank of repayment, provided they extend the time.
2. Since you have defaulted in payment of EMIs the bank will not settle for anything less than a lumpsum payment of the outstanding amount. If the bank files a civil suit then you can request the court to refer the matter to Lok Adalat for mediation.
Helpful
Helpful
Share
A.Dear Sir,
You may immediately go to High Court and get stay order because it is a educational loan so some sympathy may be shown.
You may immediately go to High Court and get stay order because it is a educational loan so some sympathy may be shown.
Helpful
Helpful
Share
Read Related Answers
CHit Fund
Dear Client,
When a person issues a cheque against a promise or against any refund of money refundable by her or him and in the absence of any agreement, the cheque receiver holding the said cheque i...
Terrace rights
Dear Client,
The rooftops of the Building are also known as an open terrace and a part of the common area useable for all the floor owners of a multistoried building. Legally, a Landowner or Builder...
Disciplinary process for officer rank employee and a management staff.
Dear Client,
Holding a managerial position in the company, you have to pursue your grievance in respect of fairness or unfairness of disciplinary proceedings that ended up imposing harsh punishment be...
Repairing require for 4 storage Building
Dear Sir,
Every major repair to any building requires permission from local authority like KMC etc.
Disciplinary process for management staff
Dear Sir,
The charge officer to protect himself taking the signature of charge sheeted person on the order sheet, otherwise the charge sheeted person may question tomorrow that he does not know the co...
Read Blogs on Civil
Civil Lawyers
Find Lawyers by Location
