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  #1  
13th January 2016, 02:16 PM
Unregistered
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What kind of difficulties I can face if won't pay education loan amount on time?


Hello,
I am a BCA student and soon will join MCA. I want to apply an education loan. I want to know that what difficulties I can face if I won't pay loan amount on time?




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  #2  
14th January 2016, 09:56 PM
SudeepKumarSaha
Senior Member+++++
  
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: What kind of difficulties I can face if won't pay education loan amount on time?

Difficulties you will face if unable to repay education loan :-

- Bank will first inform you to start the repayment and the EMI amount which you need to pay every month.
- If no response from your side, then the bank will send an warning letter. Then it will send a letter asking to start repayment to your co-borrower.
- If still no response, then it will contact the third party guarantor and the employee from bank will come to your residence for feedback.
- If still no response, then it will take legal action and will also send a report to RBI so that you are blacklisted by all banks.
Do you have any question? or have anything to say?



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