Education and Career Forum

Hello Sir,
I have one doubts that is, suppose, I have got loan for my education and after completing I didn’t get job. Then what will bank do with me or with my co-borrower i mean the guarantor? They will force me but in what way that I want to know?

The bank will give six months of time after completion of your course to get a job. Some banks even give upto one year. Once this period is over, the bank will send an official notification to start the repayment of the loan. The bank will set a fixed EMI which you need to pay every month. Even if you did not get a job, still you need to start the repayment, failing which, the bank will contact the co-borrower followed by guarantor to do the same. In case of severe failure or denial of repayment, there might be legal action taken by the bank.

On guarantor retiring from service is it necessary to close the loan account The account is standard on the retirement day. EMI ARE PAID REGULARILY.
What will be position in case of SOB STAFF RETIRING