hello friends my sister took education loan for higher studies from indian overseas bank?
ammount of the loan but suddenly a tragedy happened my sister commit sucide because of her inlaws and she also record a statement in the presence of honerable magistrate and her inlaws are in jail now the problem is here the indian overseas bank emmploes are sending notices to my mother and father that, “you have to return the whole remaining ammount because you are the guranters” but we have allready told them to mereg the the property, the papers of which property are (as a security) in the bank. I want to know whether we have to fill the whole remainning ammount plz tell me the rules in a legal way
Yes, yes, just consult a reliable Advocate. Guarantor is not responsible for the demised, unless the loan is taken on profit motive. Educational Loan is not for making any profit or business and need to be return at certain conditions. Bank does not have any right to demand it. Consult a good Lawyer, who may reply to the Bank. The Court would issue order to write off the same as per the relevant bye-law of the IOC.
However, it is not a right of the client, but it is a responsibility of the Bank.
