Educational Loan OTS Process
Pradeep Kumar
(Querist) 20 June 2015
This query is : Resolved
Dear sir,
I have taken educational loan for jointly with my father of amt.2.97lakh.but my father unfortunately left me March 2015 .in family problems I have not join any job and not start loan repayment than my loan went in NPA .
Currently bank foce me to pay loan Amt.4.73 lakh and I want to pay in OTS Scheme but bank manger told I have not provided any discount you are pay same NPA Amt.4.73 in OTS scheme because of your father already give security of land papers in bank if you not paid some amt. Bank bank will sale youe land nad recover loan amt 4.73(NPA).
Bt I want some discount of my interest amount......My financial conditions is too bad please Help Me ,What should I do in this?
Thanks
Kumar Doab
(Expert) 20 June 2015
Approach higher officials of the bank alongwith some seasoned and experienced well wishers.
Do you know any retired bank official/Union leaders.They can counsel you...............or take help of a lawyer.
It is felt that below 4 Lacs no security was required. You may check if detail of the property was mentioned or it was mortgaged.
The BM might have made a verbal statement to frighten you.
You have a right to get the certified copy of loan application, loan agreement,loan approval, statement till date.............etc..and you may go thru these.
Find a buyer of the land at current market price or better price i.e higher than
total loan and clear the loan, without any adverse note in your CIBIL.......
Your counsels can help you.
Better find a seasoned lawyer and proceed further under expert guidance of your lawyer.
Rajendra K Goyal
(Expert) 21 June 2015
If the Bank is having adequate collateral security in he form of immovable security, Bank may not agree for concession in interest. however, you may approach higher Bank officials with a request of concession.
Dr J C Vashista
(Expert) 23 June 2015
Contact the bank official through some influential person/retired bank officer etc. request and persuade the branch manager, he will agree, not a big issue for them.
It is not a legal query for seeking opinion, advise and guidance from legal experts on this platform.
