I have been working with the state government for three years now and have availed one auto loan and one personal loan. I may also be a guarantor for a family business loan.
However, I have plans to resign my job after the COVID situation subsides and apply for PR in another country. I do not have any contract signed with the government for this job. Will my loans pose an issue in terms of the government accepting my resignation? Or do I have to clear the loans before resigning? I want to know the possibilities before i take any drastic decision. My EMI payments have been regular so far. Kindly advise. Thank you.

From India, Agartala
The loan for which you are a guarantor, problems may pose if the loan repayment is affected or irregular or interrupted. In order to have a clean chit, you need to ensure that the monthly EMI payments are in full and regular also.

For other loans (auto loans and personal loan) which presumably have been availed from Bank you can inform Bank authorities about your plan to go to foreign country for employment and put a reasonbly good fund amount in your Bank account at native place, and apply for auto-debit facility for EMI payments (calculate the EMI payment for a minimum 2 year period). Submit your loan repayment (auto debit) application alongwith copy of passbook in the Bank. After your joining at new country, please ensure that you top up sufficient fund to enable Bank to exercise auto-debit without any interruption.

This is how you should handle this issue.

From India , Aizawl
Thank you for the information. I have spoken with the bank and they have no issue with this. And for the guarantor, the bank itself will be the tenant wherein the EMI will be adjusted from their rent itself.
What i want to know is, will the government authority accept my resignation with all the loans in my account?
Thank you.

From India, Agartala

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