Education loan full closure with reliance arc
Ravichandran R
(Querist) 18 December 2024
This query is : Resolved
Hi,
I have taken education loan from IOB at 2016 and ended the studies 2019. Due to covid situation and medical reasons I'm unable to pay the loan. I'm not aware the loan was sold to Reliance arc and i have no knowledge about cibil and other processes. So recently only I started to read about cibil and loan procedures
From that understanding I don't want to do settlement so I decided to pay full amount with interest for loan closure. But after reading and watching regarding this i got to know even if I pay to reliance arc my cibil will not be updated for 9 years and it will be in defaulter list. I can't take loan in near future.
I like to know is there anyway to close this loan from bank directly to avoid cibil issue or guide me in the better way to resolve this issue.
T. Kalaiselvan, Advocate
(Expert) 18 December 2024
Since the bank has already closed the loan by selling it reliance agent, if at all they approach you for settlement you discuss about the subject and proceed only when you get clarity on it otherwise you can proceed as per law at the later stage to remove the adverse entry in CIBIL records.
kavksatyanarayana
(Expert) 18 December 2024
I opine when a loan is not cleared or at least the interest on the loan is not paid, the bank will inform the loanee about the amount to be paid with interest and if the loanee fails to pay they are going to sell the loan to someone. You can proceed as per law and consult a local senior advocate for guidance.
