ashish ganeriwal (Marketing) 28 July 2014

Personal loan settlement

The Concerned Personnel.

I had taken a Personal Loan from private firm M/s Fullerton India for Rs 613860 on 31.07.2012 for 48 Months and till June 2014 i have paid Rs 2.24 Lakhs as principle and Rs 115640 as interest ( 22 Emi's ) including Interest . Due to un avoidable circumstances i am not able to pay any further EMI as i have lost my job and my parents are retired and have no source of income.Looking forward i have no funds to even run my home from next month and will be asking secondary help from someone . I would like to settle my loan with the bank and would be able to re pay till i dont get a job and have some savings . I have informed this to bank but they are not ready to do the same. I have no intentions for not making payment , i have to make payment but in some settle down figurr of 30-40% on balance principle amount. They are threatning me of legal action to be taken against this , i would like to know how can i come out to a mutual settlement and is this a crime leading to legal procedings.

Regards/Ashish

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3 Replies

Advocate Rohit (Advocate) 28 July 2014

Mr. Ashish,

As you have availed personal loan from the Financial Institution, it is an unsecured loan. As per your agreement with them, you are suppose to pay the agreed monthly EMI. Since you are not in the position to pay the EMI, they have to give you last option for one time settlement of dues. incase you fail to do so then they shall initiate legal proceedings against you.

Regards

Adv. Rohit Dalmia

9324538481

Mumbai

ashish ganeriwal (Marketing) 28 July 2014

Can u guide what sort of legal proceedings can I face ..but m ready to settle n make a lumpsum amount but they r not agreeing to it..please advise a way out to sort this.