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Borrower did not paid his education loan but has property, then what about the guaranteer (employee)
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Education Loans
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Asked by Kotagiri Vijayalakshmi -
1 year ago
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Best Answer:
First of all one should avoid to sign as a guarantor for any friend or relative for loans. In case of education loan according to a directive issued by the Reserve Bank of India in 2001, banks can neither charge margin nor take security when a student-borrower takes education loan of up to Rs 4 lakh. The bank, however, can rope in the parents of students as co-borrowers. To recover loan amount banks approach borrowers parents and take the collateral security under its cover. Then also any amount is left then guarantor has to pay the amount. If you are not able to pay the amount then there are chances that your name is included in cibil list which can create problem for you as you won't get loan for yourself in such case unless loan is cleared. To get more information on education loan visit rupeetimes.com.
1 year ago - By Bindu
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