Sbi pmry loan default

Obtain the certified copy of loan application and loan sanction letter from BM of the bank. Bank is under obligation to provide the copies. You may also obtain loan a/c statement showing the amounts collected from bank and installments paid to the bank.

While you study the loan application you may find that it is mentioned that responsibility is shared by co borrower, guarantor severely or jointly to pay the loan.

First of all sit with all members and persuade to replay the loan and obtain a written settlement signed by all with witnesses. In simple language obtain a Panchayati Faisla, with admission of the co borrowers that they had collected the payment of Rs…….from the lady. Then follow up the issue aggressively with all to repay the loan.

Banks are more than willing for OTS. However this shall be reflected as adverse comment in credit report of the lady and shall her loan taking ability in future. You may persuade the bank to clean the CIBIL history of the lady in writing under acknowledgment and obtain CIBIL report of the lady showing no adverse comment. Banks are under obligation to provide credit report of the customer at nominal charge which may be Rs.65+taxes or so.

If the co borrowers are unwilling despite the help by the Lady then the option is sue them for which you may approach a competent and experienced lawyer.

Valuable advice of learned experts/members is sought.

Thanks. My  wifes family told me that they have no intention to repay the loan and I can do whatever I want. What will happen now. Will bank auction the mortgage(their flat) or they will put a case on my wife. She dont have any property left. Will the bank put her in Jail with other co borrrowers. Also where are you located. Do u have contact no.

Bank should issue notice to borrower, co borrower, guarantor, and can proceed to auction the mortgage (their flat).

For the loss suffered by the lady she may approach a competent and experienced lawyer at your location, and the lawyer may suggest remedy to take back her jewellery/cash.

If you wish to contact LCI lawyer you can conduct lawyer search at LCI website:

https://www.lawyersclubindia.com/lawyers_search/

Related lawyer list is also given at the bootm of this web page.Your near and dear ones can also guide you to a competent and experienced lawyer.

Normally the PMRY loan is granted in the name of one individual and hence not with co-borrowers. Others might have executed documents as guarantors. If there was mortgage of the property also, bank can recover the loan dues by selling the property under SARFAESI Act. As the property is not owned by your wife, you need not worry about it. Bank can also attach and sell the equipments purchased out of the loan proceeds.  As long as she is a defaulter of a bank, it may be difficult for her to get any loan from any other bank.

But your wife can also take a strict action against her family : https://www.zippd.com.au

you wif ecan sue the brother after she pays the loan to the bank.  It is your folly that you gave money to unreliable party who did not pay  back the loan.