Education loan for ME
9 months ago
Respected sir,
I am Reshma.I took education loan for (M.E) in the year (2013-2015).But I not able to repay the loan.Now they file the amount in civil case. I took 1.67 lakhs now the amount us 3.77 lakhs. What is the solution to get out from civil case. If I pay 50000 can I get out from civil. Now i am not able to pay full amount because of family condition. Please give me a solution.
Thanking you
A.Dear Client,
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated as NPA. Accordingly, Bank sends notice to Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response for the Borrower, they started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. In the prevailing situation when a suit for recovery of an outstanding loan from the borrower is filed before a Civil Court, after hearing both parties Court may pass an order for attachment of collateral security for both the borrower and guarantor for recovery of the loan. you may make a prayer before the Court for granting some more time explaining your present financial constraints which may or may not be allowed on the objection from other party Bank. So, try to negotiate the matter with the Bank out of court on suitable terms considering its impact on your CIBIL Record and other legal consequences. Reach out to an Advocate for guidance and steps.
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated as NPA. Accordingly, Bank sends notice to Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response for the Borrower, they started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. In the prevailing situation when a suit for recovery of an outstanding loan from the borrower is filed before a Civil Court, after hearing both parties Court may pass an order for attachment of collateral security for both the borrower and guarantor for recovery of the loan. you may make a prayer before the Court for granting some more time explaining your present financial constraints which may or may not be allowed on the objection from other party Bank. So, try to negotiate the matter with the Bank out of court on suitable terms considering its impact on your CIBIL Record and other legal consequences. Reach out to an Advocate for guidance and steps.
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A.Dear Sir,
The Court may consider your request and pass a decree for which you have to pay the entire amount in easy installments but Court cannot waive off any portion of the said claim unless the Bankers come and settle the matter.
The Court may consider your request and pass a decree for which you have to pay the entire amount in easy installments but Court cannot waive off any portion of the said claim unless the Bankers come and settle the matter.
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A.Dear client,
Communicate with the Lender: It's advisable to open lines of communication with the lender or their representatives. Explain your current financial situation, difficulties in repaying the loan, and express your willingness to find a solution.
Negotiate a Settlement: You may try negotiating a settlement with the lender by proposing a repayment plan that you can afford. Offer to make regular, smaller payments over a longer period of time. It's possible that the lender may be willing to work out an agreement that accommodates your financial constraints.
Seek Legal Advice: Given the legal nature of the civil case, it's crucial to consult with a qualified lawyer who specializes in debt-related matters. They can provide specific advice based on the laws and regulations in your jurisdiction, and they may be able to negotiate with the lender on your behalf or provide guidance on the best course of action.
Explore Debt Relief Options: In some cases, depending on your jurisdiction and the specific circumstances, there may be debt relief options available, such as loan restructuring, debt consolidation, or seeking assistance from government programs. A legal professional can guide you through these options and advise on the feasibility in your situation.
Financial Assistance: Consider exploring sources of financial assistance, such as seeking support from family or friends, or reaching out to local charities or organizations that provide assistance with education loan repayment or debt relief programs.
Communicate with the Lender: It's advisable to open lines of communication with the lender or their representatives. Explain your current financial situation, difficulties in repaying the loan, and express your willingness to find a solution.
Negotiate a Settlement: You may try negotiating a settlement with the lender by proposing a repayment plan that you can afford. Offer to make regular, smaller payments over a longer period of time. It's possible that the lender may be willing to work out an agreement that accommodates your financial constraints.
Seek Legal Advice: Given the legal nature of the civil case, it's crucial to consult with a qualified lawyer who specializes in debt-related matters. They can provide specific advice based on the laws and regulations in your jurisdiction, and they may be able to negotiate with the lender on your behalf or provide guidance on the best course of action.
Explore Debt Relief Options: In some cases, depending on your jurisdiction and the specific circumstances, there may be debt relief options available, such as loan restructuring, debt consolidation, or seeking assistance from government programs. A legal professional can guide you through these options and advise on the feasibility in your situation.
Financial Assistance: Consider exploring sources of financial assistance, such as seeking support from family or friends, or reaching out to local charities or organizations that provide assistance with education loan repayment or debt relief programs.
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