Repayment of education loan
Jyoti V
(Querist) 27 September 2014
This query is : Resolved
Hello,
My father had applied for Education loan for my youngest sister. She completed her MBA last year. My father is retired and there is no source of income. My sister got married and got a job abroad.
The bank contacted for payments.My parents cannot pay.
We want the bank to recover the payment from her.
Q: What are the norms or procedure to be followed in this case?
V R SHROFF
(Expert) 27 September 2014
What type of sister u have???SO SELFISH AND SO UNGRATEFUL!!!
Now earning in foreign , & not ready to pay amt spent for her Education??
Let your father File Maintenance case against your sister, and pay from that..
BAALASUBRAMANNYAMM
(Expert) 27 September 2014
Simultaneously, when your sister completes MBA, your father going to be retired. At this juncture, the bank never depends upon the income of your father, for the re-payment of the educational loan. So the bank strictly depends upon the payment of loan from the earnings of your sister. So you could better to approach the bank and furnish the employment details of your sister. They ( the Bank) should definitely taken her original educational certificates in their custody.
ajay sethi
(Expert) 27 September 2014
loan has been taken by your sister . liability to pay is of your sister . give your sister address
Advocate. Arunagiri
(Expert) 27 September 2014
You can inform the bank the employment details, bank account details, salary particulars and residential details to the bank. They will initiate recovery proceedings.
Sudhir Kumar, Advocate
(Expert) 27 September 2014
You can try this but your father being guarantor is equally liable to refund.
Rajendra K Goyal
(Expert) 27 September 2014
Banks have the father / mother / guardian as co-borrower or guarantor while disbursing the educational loan. Since your sister has left India, Bank is fully justified in pressurizing your father for repayment being co-borrower / guarantor in the loan.
You can ask your sister for repayment of her liability.
Advocate. Arunagiri
(Expert) 27 September 2014
The bank is having powers to recover the loan from the father as the guarantor. But, the father got retired and has no source of income and he is also not in a position to repay the loan.
Under the circumstances, the bank has to recover the loan from the borrower only. That is why I have given the opinion, to provide the information of the borrower (daughter), who is gainfully employed.
Rajendra K Goyal
(Expert) 28 September 2014
The Bank may not pressurize your father being co-borrower / guarantor if he is not getting any pension or not having any property in his name.
Bank catch the easy target first which is your father in this case.
