|
#1
22nd January 2019, 07:20 PM
|
|||
|
|||
Penalties against loan amount if failed to pay on time?
Dear Sir, I am a BBA student and soon will join MBA course. I want to apply an Education Loan for studying MBA. I want to know that what penalties I have to pay if I won't pay loan amount on time? Please let me know about this as soon as possible. Thank you!
|
|
#2
31st January 2019, 10:01 PM
|
|||
|
|||
Re: Penalties against loan amount if failed to pay on time?
Once you fail to pay the loan amount, your credit score will be impacted severely and you will become ineligible to get any loans in future. Also, the amount will keep piling on and there will be interest on interest, which can be a very dangerous thing.
Your guarantor will be contacted and he will be asked to pay the amount. Banks will use all their options to recover the amount and there is no way you or your guarantor can escape. |
|
|
Related Topics: |
||
| Thread | Replies | Last Post |
| What to do if unable to pay the education loan amount on time due to being jobless? | 2 | 26th May 2017 07:31 AM |
| Is it possible to pay the amount of education loan before the time? | 2 | 30th August 2016 10:14 PM |
| Should I have to pay penalty after failing to pay Education Loan EMI on time? | 1 | 26th June 2016 10:42 AM |
| How much money and time is required to become a Doctor? How much amount will bank pay as loan? | 2 | 2nd December 2014 12:21 PM |
|
|
Education and Career Forum
