Regarding payment of loan
khalid jaffrey
(Querist) 12 May 2014
This query is : Resolved
Dear Members,
Please help me with a little query--
one of my friend took educational loan of rupees 200000 from syndicate bank in the year 2009 for pursuing B.tech. unfortunately he did not get a decent employment till now.A week back from now he received a notice from bank to repay the loan amount, along with arrears at the rate of 2% within seven days.This is the first notice that he has received from the bank demanding repayment of loan. my question is-
1.can he buy some more time from the bank to pay the amount?
2.can he apply for exemption regarding payment of interest & arrears?
3.what legal steps can bank initiate after serving the notice & the legal remedies available to my friend.
Best,
Khalid jaffrey,
Advocate.
R.V.RAO
(Expert) 12 May 2014
Repaying education loans starts within 6 months of employment or one year from end of the education , which ever is earlier.
One, must first meet the banker and explain the situation and give an application in writing seeking extension of time.
Also if possible and if need be, ask for rescheduling the terms of repayment of principal loan and remission/ waiver of interest also.
Guest
(Expert) 12 May 2014
Repeated Query Already attended Perfectly by Mr.Ajay Sethi And Mr.R.V.Rao
khalid jaffrey
(Querist) 12 May 2014
thanks all the professional fellows.
T. Kalaiselvan, Advocate 
(Expert) 13 May 2014
Yes, though it is repeated query,Mr. R.V.Rao has given a valuable piece of advise as what you can do on it, I endorse his views.
R.V.RAO
(Expert) 13 May 2014
thanks sri rajkumar ji and thiru kalaiselvan ji.
Dr J C Vashista
(Expert) 13 May 2014
Althoough it is a repeated query, which should have not been attended even then well advised by Mr. R V Rao, I agree.
R.V.RAO
(Expert) 13 May 2014
thanks.Dr.sri.j.c.Vashista ji.
