#1  
5th October 2018, 07:52 PM
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Action taken against applicant and co-borrower for failing to repay loan amount by bank?


Hello friends, I have one doubts. Suppose, if I got an education loan for my education and after completing I didn’t secure job, then what will bank do with me or with my co-borrower? I mean the guarantor? They will force me, but in what way that I want to know?




  #2  
13th September 2022, 12:48 AM
Hera tabrez
Senior Member+++++
 
Join Date: Oct 2020
Location: Kanpur
Posts: 6,959
Default Re: Action taken against applicant and co-borrower for failing to repay loan amount by bank?

In case of default, the lender has to first issue a 60 day notice to the defaulter.
If the borrower fails to repay within the notice period , the bank can go ahead with sale of assets.

Bank can recover the money , either from your bank account or file a suit for recovery.
Do you have any question? or have anything to say?



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