I took an education loan from SBI Bank. I’m currently preparing for bank and government exams, so I’m unable to repay the loan. The bank has sent a legal notice from a lawyer, demanding repayment within 10 days. Should I send a reply notice to the bank or the lawyer? What should I do in this situation?

Apni Law
Apni Law
Law Forum › Category: Banking / Finance › I took an education loan from SBI Bank. I’m currently preparing for bank and government exams, so I’m unable to repay the loan. The bank has sent a legal notice from a lawyer, demanding repayment within 10 days. Should I send a reply notice to the bank or the lawyer? What should I do in this situation?
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Apni Law Staff asked 1 year ago

I took an education loan from SBI Bank. I’m currently preparing for bank and government exams, so I’m unable to repay the loan. The bank has sent a legal notice from a lawyer, demanding repayment within 10 days. Should I send a reply notice to the bank or the lawyer? What should I do in this situation?

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Best Answer

Apni Law Staff answered 1 year ago

You should reply to the legal notice within the stipulated timeframe, explaining your current financial situation and inability to repay immediately. You should also try to negotiate with the bank for a repayment plan or a temporary moratorium on payments while you prepare for the exams.

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