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  #1  
9th June 2017, 07:15 PM
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Does bank has right to ask for repayment of loan from me, if son died while studying on education loan from UCO bank?


My son Bharat Mahajan taken education loan from UCO bank in 2009 after three years my son has pay several installments rupees 6500/ pm to concerned bank, but my son expired on 16.11.16 suddenly but Pathankot UCO bank not insured my son education loan. Kindly tell me RTI rules in which I can ask bank why not insure my son education loan kindly tell me what is repayment if my son died suddenly in which I am not responsible for repayment of loan. I have written several mails to bank, but no positive response given to me a person died. How can bank claim in name of dead son. Tell me status. Ravi Ranjan 9855607268 email [email protected]




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  #2  
18th September 2022, 08:59 PM
Hera tabrez
Senior Member+++++
  
Join Date: Oct 2020
Location: Kanpur
Posts: 6,959
Default Re: Does bank has right to ask for repayment of loan from me, if son died while studying on education loan from UCO bank?

If a person dies without paying his entire education loan , the bank cannot ask the surviving members of his family or his legal heir to pay the loan .

Since it's an unsecured loan , there is no such thing as collateral and hence the property cannot be attached.

Federal student loans are cancelled if the borrower dies before the loans are paid off , even if the borrower had co-signer.
Do you have any question? or have anything to say?



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