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#1
22nd January 2019, 08:20 PM
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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!
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#2
31st January 2019, 11:01 PM
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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. |
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