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#1
10th December 2018, 12:42 AM
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Action taken against application and co-borrower for failing to repay loan amount by Bank of India?
Hello friends, I have one doubts. Suppose, if I got an education loan from Bank of India 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
19th July 2022, 08:22 PM
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Re: Action taken against application and co-borrower for failing to repay loan amount by Bank of India?
If a person fails to pay education loan , the lender start sending notices to you and your guarantor.
If you fail to comply with the warnings , you will default on your loan. And your credit score will take a huge hit. And the person would not be able to secure any loan in future. If the loan is not repaid after 180 days , the lender has the right to proceed legally against the borrower. |
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