Nonpayment of Peraonal loan
Happyandsad1983
(Querist) 28 February 2016
This query is : Resolved
Hi. I have taken a personal loan of 5lacs last year. After 3months emi due I was not able to continue office due to health issue And i left the company. After 6 months gap i got job. Last six months emi was pending and bank charged interest on it. Now i do not have capacity to pay the loan amount. Bank started sending notice for taking legal action. My outstanding amount showing 680k including interest. Bank ask me to pay all and close the loan whereas i do not have capacity to pay a emi. Please advise what slould i do? What would be the action bank can take if i do not pay the loan amount? Declairing my inability? What is the best way i could do?
Kumar Doab
(Expert) 29 February 2016
If you have skills get the loan rescheduled according to your paying capacity.
By now you would have been included in the list of defaulters.
You may show the loan documents and all communication on record to an able counsel specializing in such matters.
Rajendra K Goyal
(Expert) 29 February 2016
Try to get the installments rescheduled.
You should start depositing double the EMI and extra money if possible to clear the backlog.
Bank is justified in pressurizing you for repayment as the account has turned NPA hence effecting its balance sheet and profitability negatively. Even after regularizing the account by you, Bank has to wait for sufficient time for upgrading the account.
Dr J C Vashista
(Expert) 01 March 2016
@ Happy and sad,
You have adopted the name to conceal your identity, accordingly you are an anonymous author and anonymous author is discouraged on this platform.
However, where did you spent the huge amount of 5 lakh?
If used, repay the loan with interest or face recovery proceeding.
ADV-JEEVAN PATIL, MUMBAI
(Expert) 29 February 2016
