I have got education loan and i didnt pay it sinc3 3 yrs but now i paid myovrdue and spoke to tha bank manager regarding the monthly payment later that only they send me notice regarding lok adhalat case is that mandatory to attend that because i spoke to the manager
What will happend in lok adhalat case i dont have money to pay i can pay only monthly.
lok Adalat is a tool to solve the issue amicably prior initiating legal proceeding before court. so try to solve your issue in lok Adalat.
1. attned the lok adalath case
2. the bank officer will be there and you can request to waive the interest portion if you are intereseted to cllear the loan
3. if fialed let them file a case in the court and the court will take 2 to 3 years to conclude the case and by that time you will be in a position to clear the loan
A.P.Loganathan, Advocate, Madras High Court
CLICK ‘like’ if satisfied or CLICK ‘Talk to Lawyer‘ for further clarifications