By Admin 
Student Education loan repayment rules: The modern world has changed many things. The most important change has come in the field of education. People understand the importance of education and want to give the best education to their loved ones. Besides, the increasing cost of education has increased the number of people taking education loans. Students have to repay the loan amount after completion of their studies.
But, if the student is not able to pay the loan amount even after completing his studies, then what kind of problems do the student and the guarantor have to face in such a situation? What is their responsibility? It is very important to know this topic, so that you do not face any kind of problem.
Who will pay in case of default?
It is the full responsibility of the students taking education loan to repay the loan amount. However, in case of not getting a job and leaving studies midway, the student can ask for more time from the bank to repay the loan. Also, the student can request the bank to change the repayment terms of his loan.
If even after this he is unable to pay the loan amount, the bank declares him a defaulter. After which it becomes the responsibility of the bank guarantor to repay the loan. For this the bank can take payment from the guarantor.
What will happen if education loan is not repaid?
If the education loan is not repaid on time, the bank is the first to send a notice. If even after this the loan installments are not paid and the bank is not contacted, then in such a situation the bank starts the recovery process. The bank can also take necessary legal steps and even attach the property. In case of non-repayment of the loan, the credit score of the guarantor also gets spoiled. Due to which he may face difficulty in taking further loan.
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