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#1
21st April 2019, 02:28 PM
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Whether Bank deducts Loan amount if a student died without completing course?
I have applied for Education Loan for my sister’s education. She was doing MBA but unfortunately she met with an accident and passed away. I have taken education loan of Rs. 8 Lacs for her MBA. My question is, as she completed her 2nd semester then I have to pay all the sanctioned amount with interest or the bank will reduce the amount?
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#2
24th April 2019, 06:58 PM
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Re: Whether Bank deducts Loan amount if a student died without completing course?
If the person concerned has passed away in the middle of the course, then the guarantor will be responsible to repay the amount with interest and no further loan will be provided for the said course. You can talk with the bank manager to close the loan account and ask them about the further process.
If you have provided any collateral security, then the bank will recover the amount through it. Just make sure you contact the bank as soon as possible because with time the interest will increase. |
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