Legal Question in Banking Law in India

Hi Sir,

I've taken education loan from SBI. Now its repayment is due and SBI is levying high interest rate.

My earning isn't good enough to repay the loan. Please provide me what will be the legal implications if I'll not repay it and is there any possibility of settlement for some amount between us.


Asked on 8/15/11, 4:16 am

5 Answers from Attorneys
J. Radhakrishnan independent Practice

The bank will take action if any property has been mortgaged for the loan, under the SARFAESI Act. If there is no property mortgaged, they will file suit. Better approach the bank putting a poignant account of your circumstances for rephasement of the repayment schedule.

Read more
Answered on 8/15/11, 4:20 am
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

in case you cannot repay, you may wait for the bank to initiate legal proceedings and then you may seek help of a lawyer.

Read more
Answered on 8/15/11, 7:16 am
KarVai Legal Solutions Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in

u can talk to them regarding settlement

Read more
Answered on 8/16/11, 11:08 am
Aniruddha Pawse Aniruddha.P.Pawse Advocates

the bank may take action so pl go for settlement with Bank if possible

Read more
Answered on 8/17/11, 4:12 am
Sanjay Kalra Sanjay Kalra & Associates

You had sighed an agreement at the time of taking the loan and now you cannot say the interest is high.

Read more
Answered on 8/21/11, 6:06 am


Related Questions & Answers

More Banking Law questions and answers in India