ashiq 01 September 2016
I'm running a startup with a loan under ksedm(Kerala)- CGTMSE Scheme with 2 partners. our loan amount was 9,20,000/- and we have paid back around 2,00,000/-. Our company is underperforming and we are facing difficulties to pay back the loan.
We have facing continued torture from bank employees to repay the loan.
Can the bank seize our family asset or can we ask for subsidized repayment of the loan.
Hope someone could help us out!
ADVOCATE NITIN KAPOOR (Advocate) 01 September 2016
Banks can seize the mortgage property if it was kept as security for repayement of loan only from the order of the concerned authority. Also, if there are prompt payment of loan instalments then, banks can't ask you again again to repay the loan.
Regards,
Advocate Nitin Kapoor
Mob: 8800692624.
Mahhesh Kummar Aggrawal (Proprietor) 25 October 2016
Loans covered under CGTMSE are mortgage free. Bank can ask for forecloser but can not force on the basis of underperformance. It is guaranted through Credit Guarantee Trust for Medium and Small Enterpreneurs in SIDBI. Maximum a bank will do is, bank can ask for payment to CGTMSE which covers 75% of your default amount in case of default, but can not do that, if you are paying instalment.
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