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Q.Education loan

Q. Education loan

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Vikash Anand

posted 2 months ago

Sir , I took an education loan in August 2004 for my BSc nautical studies degree. I had applied for 5,75000 for this but the manager he can only section 4 lakhs but assured us that he would increase the loan amount later. As I had to deposit my first installment and had no option i agreed. In due course he did not increase the loan amount as promised and I was unable to pay the installment . So I forwarded a written complaint to regional office , head office of the bank, and forwarded the copy to RBI, and the finance ministry. I even filled a civil writ.The bank got into action and a senior official came and met me and assured verbally that if I take my writ back he would sanctioned the rest amount. But he did not . As a result I could not complete my course. Presently I am unemployed. Few days back I got a legal notice from the bank for depositing my loan amount with interest which was stated to be 29 lakhs approx failing to which they would initiate the process for body Warrent and attachment procedure.
Sir, please advice me to what should I do . Thanking you
Vikash Anand.
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A. Dear Sir,
You have to pay the money back to the bank with interest.
The other option for you would be to try for one time settlement.
Shanti Ranjan Behera
Advocate

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Shanti Ranjan Behera

Experience: 22 Year(s)

Responded 2 months ago

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A. Dear Sir,
Take some defensive steps. Please the following.

https://www.thehindu.com/news/cities/Delhi/court-orders-recovery-of-education-loan/article24295393.ece

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