educational loan&SARFAESI act 2002
shabeer ali
(Querist) 14 July 2015
This query is : Resolved
sir,
I took an educational loan from SBT in 2007. Because of unemployment I couldn't pay the amount regularly, so the bank transferred the debt to Reliance ARC on jun 2015. what will be their next action?. can I have an option to pay by instalment? . loan period is 12 years after completion of the course. course was completed in 2011. please give me a reply.
Chanchal Nag Chowdhury
(Expert) 14 July 2015
Depends on the terms of the loan. If now U are in a position to pay, my advice is U negotiate & restructure the instalments.
Rajendra K Goyal
(Expert) 15 July 2015
Again look into the conditions, it is doubtful the repayment in educational loan would be 12 years.
The Asset recovery company would try to recover the outstanding from collateral security or from guarantor. You should try to have one time settlement offer if possible, certainly it would spoil your credit worthiness(score in CIBIL) for future loans as you are young enough at present and should try to build your credit scores.
shabeer ali
(Querist) 15 July 2015
thanks for your suggestion, the Asset recovery company didn't contact me yet. I will try for one time settlement.
shabeer ali
(Querist) 15 July 2015
am I have to contact the Asset recovery company?.
