What can happen if someone does not start paying study loan installments in time in India?



HI everyone, One of my friend has completed her study taking a study loan from PNB bank.But now its time for her to start paying the loan installments but the problem is she has no job yet.She is really worried thinking about what steps bank can take against her.
Can anybody tell what really can happen & how to deal with it?

One Reply to “What can happen if someone does not start paying study loan installments in time in India?”

  1. Bank does not guarantee a job for repayment of loan which was opted by you.If you are unable to pay then bank will recover from the guarantor or property mortgaged or else file a case against both & attach the assets of guarantor.You will be declared as defaulter & can not get a loan in futureThey may also inform your future employer & write to major embassy’s if you try to go abroad.It will create
    lot of problem in future The best course would be to contact the bank & tell them your problem frankly & request them to reschedule your loan & ask your parents to pay some amount till you don’t get a job.Your parents must be co-borrower/guarantor for this loan and before bank initiate recovery proceeding you should initiate steps for settlement.





Leave a Reply

Your email address will not be published. Required fields are marked *

16 − eight =