NPA EDUCATION LOAN
Dr.Dhruvit Chaudhari
(Querist) 03 November 2015
This query is : Resolved
Hi.
I'm Dr. Dhruvit Chaudhari.
Please help me out in this matter. And advice .
I've taken education loan(Bank of baroda)
on 2003 for my MEDICAL SCIENCE studies. Till 31/3/2011
My outstanding amount to pay was 1.5 LAC approx. It was considered as NPA SINCE THEN. I'VE got 2 notice from LOk ADALAT FOR loan settlement. I've attended once during March 2015. BANK WANTED ME TO PAY 1.8 LAC ASAP but I've arranged 50k till 31 March 2015. And I agreed to repay asap but they didn't get ready to pay as EMI.
And today on 3 nov 2015 they lien amount of 1.5 LAC from my mother's account without informing her or to me.
So my query is:
1. IS INTEREST COUNTED ON NPA?
2. THEY LIEN MY PARENTS PROPERTY WITHOUT PRIOR NOTICE TO ME OR MY PARENTS?
3.Can I pay only principle amount only or whole amount with interest? (It's 3.5 LAC approx n I've withdrwed 1.5 LAC only.)
4. Any feasible option?
Thank you.
Anirudh
(Expert) 04 November 2015
Please answer these queries first:
1. Would you have pursued the MBBS Course without the bank loan?
2. Are you earning after obtaining MBBS?
3. Then what is the difficulty in not repaying the loan?
Sudhir Kumar, Advocate
(Expert) 04 November 2015
1. IS INTEREST COUNTED ON NPA?
WHy No.
Do you think you will be benefited because you are defaulter.
There will be interest on Principle as well as interest accrued.
Sudhir Kumar, Advocate
(Expert) 04 November 2015
2. THEY LIEN MY PARENTS PROPERTY WITHOUT PRIOR NOTICE TO ME OR MY PARENTS?
Most likely you have convinced the bank regarding repaying capacity on the basis of projecting earning capacity by student loan and the assetts of your parents (who may be co-borrower or guarantor).
Sudhir Kumar, Advocate
(Expert) 04 November 2015
3.Can I pay only principle amount only or whole amount with interest? (It's 3.5 LAC approx n I've withdrwed 1.5 LAC only.)
Why/how.
In case it is govt bank and the bank officer accepts such proposal he can land in CBI case.
P. Venu
(Expert) 04 November 2015
Has the bank filed any civil suit? If yes, what is the status of the matter.
The Bank is unjustified in attempting to impose the liability on your parents or their property.
Having said that, you are already qualified as a doctor. And, it should certainly within your capacity to clear loan. Also, please note that prolonging the matter would have negative impact on your credit rating.
Rajendra K Goyal
(Expert) 04 November 2015
1. Interest not debited / applied / booked on NPA account(RBI guidelines, as it would inflate Bank's profit), but it is being charged, borrower has to pay this interest which is due on NPA account.
2. Bank can not lien on parents property if they are not co- borrowers / guarantors. Notice to be give.
3. Settlement offer from Bank has to be done. Bank may not agree only for payment of principal amount.
Regarding lien, your mother should write to Bank, to its head office, if no response file consumer compliant / complaint to Bank ombudsman.
R.K Nanda
(Expert) 04 November 2015
consult local lawyer.
Kumar Doab
(Expert) 04 November 2015
You have sufficiently been advised on the steps to be taken by you.
Sudhir Kumar, Advocate
(Expert) 04 November 2015
you have hidden parents' role in the loan that is why there is so much speculation.
please come with facts.
Dr J C Vashista
(Expert) 07 November 2015
Incomplete information and silent on the questions raised by experts, hence cannot form any opinion and advise, treat it as resolved query.
K.S.Srinivas
(Expert) 10 November 2015
Agreed with Sri Sudhir Kumar.
