Education and Career Forum

I want to apply an Education Loan for MCA course. But I am afraid if it will be good or not. I am worried because if I didn't get placement from my college then what will happen? What will bank do?

Bank will recover loan by any means from you with interest, whether you get placement or not. It is all up to you to arrange the amount to repay the loan with interest.

Banks don't have anything to do with your employment. If you have taken the loan, then you have to pay it back. If you don't pay in time, then interests will keep mounting.

You should not waste your time in worrying. Rather you should prepare yourself well for the recruitment drives of various companies. Even though you do not get placement after completion of your MCA course, the bank will give you a grace period of 1 year post which it will ask you to repay the loan. Hence, if you do not get placed, you should try to opt for off-campus recruitment drives and get placed. Thus, you need to prepare well and be ready to deliver the best. After one year from your passing, the bank will send you a notice to repay the loan. If you fail to do so, it will inform the co-borrower and guarantor and ask them to do the same. Still if the repayment does not start then it can take legal action.