education loan recovery

shijina shanavas (Querist) 27 September 2015 This query is : Resolved
sir, i am taking an education loan on 2007 and my course complete on 2011 am a b.tech graduate..but i have not receive any jobs so am not able to pay my loan. i didnot pay any intrest . 1 week before i have a call from bank and they said that of am not pay the amount my fathers or husbands property was recoverd from bank. i take loan jointley my father and me because am minor in the time of taking loan. and we submit photocopy of property certificates. but 2 year befor my father sold that property. my husbands have some property and i married on2013 if my husband property is recoverd?

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Sudhir Kumar, Advocate (Expert) 28 September 2015
Bank hs to sue you aand durign the case the loan amount will keep swellin.

Now a day many fraud institutions get B Tech degrees adn after coming out the students find themselves not worth a clerks job (TRUE SOME B TECH HAVE STARTED JOINING AS PEON/CLERK) but it is not the fault of the Bank. You must refund the money.

You and your father got the loan by showing credit worthiness by showing property papers without letting the bank to know that you will sell the property and still not refund the loan. If bank goes harsh then criminal case can be against both of you.

SO better refund the loan.