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#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?
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#2
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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. |
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