Hello
My query is related to an educational loan i took from SBI in the year 2005 for an amount of Rs 5L by giving collateral security in the form of third party and also a tangible collateral security of land.
But as per the educational loan scheme available at that period loan amount above Rs. 4 lacs to Rs. 7.50 lacs only Parent/ Guardian as co-borrower and Collateral security in the form of suitable third party guarantee was required.I was adviced by the bank official to give the tangible collateral security of land for the speedy receipt of the loan amount with in a month time, otherwise the procedure is time consuming.
The issue here is i was paying the loan amount since i got a job in 2007 for some years regularly,until i had some difficulty and had to leave the job and was not in a position to pay the amount regularly, however i manged to pay some amount then and now.Now the account is NPA and the bank is proceeding for recovery of the loan amount by attaching the property.
I have already paid almost 5L in toto so far and i still have 4L pending as per the bank statements.
pls help me with this..
- Is there any OTS for educational Loan.
- Whether giving of tangible collateral security of land was valid and whether the bank can attach it,when such an act is not in the scheme.(scheme allows the tangible security only for loan amt above 7.50L)
- Is the present educational loan scheme by SBI is an amended version or is it been same since its introduction.(position in 2005)
Kindly help me with this..Thanks a lot in advance.
