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vikash khanna   01 August 2015

Bank send notice gave 7 day time to pay load

Dear Sir, 

we have taken a loan from SBI 2 year later. few day ago bank asked to pay the loan. they we asked them to pay it after 5 month. but today bank send us notice in which they said if you did not pay the loan your information will be published on news paper. and they gave 7 days time to pay the loan.

My dad are hear patient we did no show him the notice. as we fear their condition could be more critical. and we are not in position to pay the load now. 

Sir what legal remedies could be done in such cases.



Learning

 2 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     01 August 2015

If you find yourself unable to make your payment due to a temporary situation, you may be eligible for an extension on your installment loan account. Talk to the concerned bank manager.

Sabir   03 August 2015

Exactly, talking to the bank officials is the only remedy because bank has got the power under SARFAESI act to vacate ur property and can auction it to adjust your loan account.

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