Personal loan
Gurpreet Singh
(Querist) 30 December 2011
This query is : Resolved
I had applied for the Personal loan with HDFC last year in June & got the disbursement of the same in Jun’10. At the time of Documentation, I have signed one Documents as an Insurance cover for the loan which was offered by the sales guy and said, “You can claim this insurance if you lose your job, If facing Some Financial crisis etc. I have paid first 8 installments till Jan’11 without any delay or chq bounce.
Sir When I availed this loan, I was working with one one the leading Telecom company at Kota (Rajasthan) with very good salary. Just after the few days of my Marriage I lost my job in Jan’11 and sat free for next 7 month at home and due to this I was not in condition to make loan installments. Now presently where m working is a small company and my monthly earning are only Rs 6000/- one third of my last salary.
In Dec’11, I received a call from HDFC Kota branch for the payment and I told him the entire story and also asked them procedure to claim the insurance. The Guy said he will get back to me with the solution, but nothing happened like that and next day I received a call from a lady who was calling from local agency and claims herself as an employee of HDFC bank and asking for the payment and told she can also use the hard mode to get the payment collect.
My total Principal due is more than a lac and I’m not in condition to make payment, but however I paid Rs10, 000/- with help of my friends. My father is serious BP patient and depended on us only. As soon as my Financial problems resolves, I‘ll start making the payment but till time Please suggest what could be done.
Thanks
Gurpreet Singh
Devajyoti Barman
(Expert) 30 December 2011
Without seeing the actual clause it is difficult to advise.
Since you are defaulter in paying premium that cause may not be enforce any more.
Gurpreet Singh
(Querist) 30 December 2011
Sir What anything else could be done?
Advocate. Arunagiri
(Expert) 30 December 2011
do you have the insurance policy with you. You can post the scanned copy of that, based on that policy I can give my opinion.
Deepak Nair
(Expert) 31 December 2011
yes. without seeing the insurance policy and its terms and conditions, it is difficult to comment.
What is the EMI and how much is pending now??
I suggerst to meet the manager personally for negotiation. if you don't have the policy details, get it from the bank.
prabhakar singh
(Expert) 31 December 2011
Either send the policy as demanded by Mr. Arunagiri or look into on your own or checked by some as to fact that what is the actual risk coverage clause.To me there appears to be some misrepresentation on the part of policy selling agent.
Rajeev Kumar
(Expert) 31 December 2011
Yes without seeing the policy we cann't advise you
RAJU O.F.,
(Expert) 04 January 2012
The insurance on the loan amount, would be to set off the laon on unfortunate death of the borrower and not when the loan is defaulted. Even though RBI had instructed banks to give copies all the documents executed by the borrower, no bank is doing that. Hence you may not having any copy of insurance policy or the copies of documents executed by you.
Unless you apprise the bank officials your actual difficult position and get the balance rescheduled, bank may take coercive steps for recovery. Hence please take early steps.
