#1  
31st March 2015, 11:29 PM
Unregistered
Guest
 
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Whether Banks force the Guarantor for Education Loan recovering payment if a student doesn't get job after completing the course?


Hello Friends,
I would like to know that if a student does not get
job after completion of the course, then can the
Bank forcefully recover the money from the Guarantor?
Please let me know immediately.





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  #2  
4th April 2015, 06:08 PM
SudeepKumarSaha
Senior Member+++++
 
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Whether Banks force the Guarantor for Education Loan recovering payment if a student doesn't get job after completing the course?

If a student does not get job after completion of the course, then the bank will do the following :-

- First of all, it will wait for six months and then contact the student.
- It will ask the student to pay a certain installment of loan repayment every month. The installment depends on various factors like loan amount, interest rate, etc.
- If the student is unable to give an assurance of such repayment, it will contact the co-borrower which is usually the student's father or mother.
- If the loan amount is not recovered, then it will contact the guarantor and ask him/her to make some arrangements for the family to repay loan or repay the loan.
- If the guarantor denies, then it will go for legal action.
  #3  
11th April 2015, 04:10 PM
SmilyRishu
Senior Member
 
Join Date: Mar 2015
Location: YAMUNA NAGAR
Posts: 428
Default Re: Whether Banks force the Guarantor for Education Loan recovering payment if a student doesn't get job after completing the course?

When you apply for the education loan then bank will provide you one year duration to find you a job after completion of your study. You have to repay the bank after on year of completion your study. You have to repay the education loan in the installments. Bank offers you so many installment plans and you have to choose one that you comfortably fulfill. But if you are unable to pay the installment then bank will definitely take a legal action against you or guarantor.
  #4  
12th April 2015, 12:42 AM
Microsoft_Bangalore
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Join Date: Mar 2015
Location: Random Location..right now in Bhopal
Posts: 440
Talking Re: Whether Banks force the Guarantor for Education Loan recovering payment if a student doesn't get job after completing the course?

Quote:
Originally Posted by Unregistered View Post
Hello Friends,
I would like to know that if a student does not get
job after completion of the course, then can the
Bank forcefully recover the money from the Guarantor?
Please let me know immediately.

If the student does not get the Job after the completion of his Course then Bank gives the Student one more year of the time to start repaying the bank loan with the interest. If then also the candidate failed to repay the loan with the interest then only in this case the bank will approach to the Guarantor.
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