hello,
i have taken a education loan a few years back for around 13 lakhs. the loan amount dispersed was 9 lakhs. i have been paying the installment properly. but since last 1 year i havent paid the installment since i started a business with my friend & since then i couldnt take the money i invested. since then a bit struggling for me. but today i got a call from a bank & the manager asked me to sign the revival letter. the manager said that i have around 3.60,000 due to be cleared in next 10 days else i would be getting the legal proceddings. i tried to convince the manager saying i would be in a position to pay the half the amount now & rest in the proceedings month.
i need advice regarding about this revival letter.
does it mean that since i sign the revival letter they can go head with the legal proceedings against me.
if i could pay half the amount in next 10 days... will be able to come out of the legal proceedings?
please advise me....
