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#1
17th June 2019, 12:59 PM
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Action taken against applicant and guarantor for failing to repay the loan amount by Axis Bank?
Hello friends, if I got an education loan from Axis Bank for my education and after completing I didn’t secure job, then what will this bank do with me or with my guarantor? I know they will force me, but in what way that I want to know?
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#2
22nd June 2019, 06:24 PM
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Re: Action taken against applicant and guarantor for failing to repay the loan amount by Axis Bank?
If you fail to repay the education loan EMI on time, then it will seriously dent your credit score and your reputation to apply for any future loans take a serious hit. The applicant and the guarantor will be responsible to pay it back and both will be affected.
Also, the interest will get accumulated and you will have to pay interest on interest, which can lead to serious debt. Banks will use every method to recover the money and you and guarantor can't escape easily. |
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