Educational loan 4 lakh for girl

Having taken a loan, it is the bounden duty of your sister and parents(co borrowers) to repay the loan. Not having job etc. or less income cannot be excuses. Have you ever thought of contacting the Bank which helped your sister in prosecuting further stufies! I sincerely advise you to meet the bank officials instead of posting in Lawyers' website for advise.

Anybody and especially Lawyers do not encourage defaulting loan taken from anybody including loans taken from Banks.

With the present day CRISIL ratings and sharing of information among banks, it is almost impossible to get further loans once a person is in the defaulter list. Clear the loan and get the defaulter tag removed.

Having taken a loan, it is the bounden duty of your sister and parents(co borrowers) to repay the loan. Not having job etc. or less income cannot be excuses. Have you ever thought of contacting the Bank which helped your sister in prosecuting further stufies! I sincerely advise you to meet the bank officials instead of posting in Lawyers' website for advise.

Anybody and especially Lawyers do not encourage defaulting loan taken from anybody including loans taken from Banks.

With the present day CRISIL ratings and sharing of information among banks, it is almost impossible to get further loans once a person is in the defaulter list. Clear the loan and get the defaulter tag removed.

In the first instance, as a thumb rule, the loan amount will have to be repaid as per T&C of the sanction letter.  

Whether you can seek rescheudling of the laon, repayment in EMI or other such restructuring, will depend on number of facts and circumstnaces of the case. On the basis of the information given, it is not possible to give any opnion on how it can be resolved other than payment of the whole amount in one lump-sum, either now or latter on.

Please discard the notion  that this amount will be waived off under any law.  You may however like to consult a baking/ corporate lawyer who should be able to guide you properly based on all the documents that you may be having. 

Instead of wasting money and time chasing around for Lawyers and Legal opinion in a hopeless case where you cannot win at all, better meet the bank officials concerned and resolve the issue by paying the loan.

Banks are very reasonable and may reschedule the loan and give a new repayment schedule. Of course it is the discretion of the Bank concerned based on the actual facts of the case.

Please remember, that a defaulter can not esape by changing places, to escape from Bank, by not providing changed address.

Now, it is almost impossible to secure any loan or assistance from financiers, if the name appears in such Non performing assets.

Changing the place and not informing the Bank, not informing facts of inability to pay for certain time, etc., shows the real intentions of borrowers.

Crying over spilt milk.

Though you have not mortgaged, the house and others might have been stated in the forms given to Bank with such declaration, and even in absence of mortgage, any institution can file suit, and in execution proceedings can attach.  

Even the girl's salary can be attached by Bank through court.

Tightening noose around loan defaulters, the Reserve Bank of India (RBI) said guarantors who refuse to fulfil their obligations to lenders despite having adequate resources will also be treated as wilful defaulters.