Wifes educational loan as np
Krishna
(Querist) 05 November 2011
This query is : Resolved
Hello sir,
i have married a girl from a poor family. she had an educational loan of rs3 lakhs with interest. i came to know about it after marriage. she is not having any job and am doing my own business as when i passed out there was a big crisis going on and i didnt get any job that time. when i came to know about the loan i paid rs 1 lakh which was the extreme i could to the loan acc. and retrieval of this much amount from my business made a bad impact on it that i am finding it difficult to run the business now and hardly earning for the family.
now after three months the loan account is in np. i just wanted to know how badly its going to affect my wife. and also is there any law that supports recovery from me ( i hardly have 2-3 computers in my office nothing much) and my family on account of my wifes loan?
Krishna
(Querist) 05 November 2011
missed out some points
1)Also there is no security given for the loan
2)MY FATHER IN LAW AND MOTHER IN LAW DOESNT have any savings/asset with them and not even a job. we r looking after them too
Sankaranarayanan
(Expert) 05 November 2011
Is any notice given by the said bank to your wife , what reply been given? if any?
Who is the second person who signed the application.
For educational loan if the student not pay the money after their course of education then the parents are liable.
OTHER CONDITIONS:
a. Meritorious Students
Banks which wish to support highly and exceptionally meritorious/ deserving students without security may delegate such powers to a fairly higher level authority.
b. Multiple Loans
In case of receipt of application for more than one loan for student borrower from a family, the 'family' as a unit has to be taken into account for considering the loan and security taken in relation to the total quantum of finance disbursed, subject to margin and repaying capacity of the parent/student.
c. Minimum Age
There is no specific restriction with regard to the age of the student to be eligible for education loan.
d. Change of Address
In cases of student staying with parents and where such parents have transferable jobs or there is change in address, the bank may provide in the system of noting the ‘address for correspondence' for tracking purpose.
e. Top up loans
Banks may consider top up loans to students pursuing further studies within the overall eligibility limit, with appropriate re-schedulement, subject to taking required security.
f. Co-obligator
The co-obligator should be parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/parents-in-law .
No Due Certificate
No due certificate need not be insisted upon as a pre-condition for considering educational loan. However, banks may obtain a declaration/ an affidavit confirming that no loans are availed from other banks.
prabhakar singh
(Expert) 05 November 2011
I too agree with expert sankar narayanan .
Krishna
(Querist) 05 November 2011
the ones signed are my wifes dad.
i havent signed any paper till now.
i wasnt aware of this loan at the time of marriage too. so does it affect me or my parents anyway? coz me and my parents hardly have some savings with us,and the saving my dad have is not even enough for my brother education.
Advocate. Arunagiri
(Expert) 05 November 2011
You dont have any liability. If your wife does not repay the loan, the bank may initiate civil suit for recovery of the loan amount with interest. The case will be initiated against the borrower and guarantor only.
Shonee Kapoor
(Expert) 05 November 2011
You have no liability, liability is hers or that of her parents.
You have been rightfully advised.,
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
RAJU O.F.,
(Expert) 06 November 2011
As husband of the borrower, you only have moral liability and not legal liability to the bank. If bank initiated any recovery proceedings, speak with them and get the loan rescheduled, so as to repay after she got employment. Presume that the loan was granted for a professional course; hence let her try and obtain a job and then start repayment. If you explain properly, there are good persons also in banks, they may help you.