Legal Question in Banking Law in India

2007 i got edu loan in canara bank. Now i earn but its enough for my family only. My parents not give the land for me and they not spoken me past 2 years. My native is erode but now im live in coimbatore with my wife . Last 1 month canara bank give many phone call to my number ( phone no my parents given to bank )and come for renew sign. but i dont want to renew it. i already told them by mail on feb 2013 for i cant pay loan so you do as per law. but bank not do anything in that time, after my marriage sep 2013 the call me and come for sign the renewal form.

my question is:

1) Bank can take property in my father or my grand father name?

2)If i not sign renewal form , what they can do?

3) I don't want this head ache , so how i transfer this loan amount to my parents ( i don't know property in parents / grand father name) ?

4)surely i cant/want pay this . how i transfer against my family?

5)what i do if bank call and ask me to come in many times?

Waiting for your valuable and favorable suggestions.

Thanks you .

Balasubramanian - Erode

[email protected]


Asked on 2/11/14, 12:21 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

11.02.2014

Dear Balasubramanian,

The bank will initiate legal proceedings against you in the event of your failure to repay and settle the educational loan. You have no choice but to pay a portion of your monthly earning to the bank indicating that you are attempting to and serious about repaying the loan amount.

Regards,

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Answered on 2/11/14, 3:32 am


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