Pmry bank loan
Bachcha Kant Choudhary
(Querist) 06 March 2014
This query is : Resolved
Dear Sir,
I took a PMRY Loan from SBI in 2004 to start a provision cum general store. After three months of business flood came and my business came in loss. During the flood period, I sent a letter by registered post to our banker regarding loss of goods in flood. I sent the copy of same to Dist. industrial Centre, SBI Regional Office and to our D.M. by registered post. But I could not get any response from any side even waiting one year. During that period our banker sent me a legal notice for loan recovery then I meet with Branch Manager and said our problem regarding failure in payment of installment. Manager said me that there is no any excuse for this type of circumstances against PMRY loan. After this I left my village to Mumbai and started a private job and paid a sum of Rs.5000 by D.D. from Mumbai. After paying the above amount I again failed to paying continue. after failing I am disconnected with bank for a long time and banker is pressurizing with notice again and again. So, you are requested to guide me kindly that what should I do as I am not able to pay at a time a sum of Rs.85000 loan of SBI. Will banker/court issued for our Kurki Jabdi at my premises? Thanking You. Hopping for an early response from your side.
Your's faithfully
Bachcha Kant Choudhary
working as Junior Teacher in a private school, Patna.
Devajyoti Barman
(Expert) 06 March 2014
Since notice u/s 13(4) of the SARFAESI Act is already passed , only option left is for injunction u/s 17 of the Act. Engage an advocate.
You are a debtor and you have to make the payment.
Rajendra K Goyal
(Expert) 07 March 2014
In PMRY loan of this much amount there generally no collateral taken. After loss due to flood you should have lodged a claim as such loans are generally insured.
If there is no collateral security, Bank may proceed recovery otherwise. Better ask the Bank for settlement by paying outstanding and part of interest as full and final payment. In such Govt. sponsored scheme cases Bank readily agrees for settlement.
R.K Nanda
(Expert) 07 March 2014
agree with experts.
R.V.RAO
(Expert) 07 March 2014
agree to sri goyalji.
a borrower facing natural calamities can ask for moratorium /reschedulement of principal and interest.
T. Kalaiselvan, Advocate
(Expert) 07 March 2014
Agreed with the opinion of expert Mr. Goyal. The moratorium/rescheduling of loan and its interest could have been sought or it can be sought even now if the circumstance prevails.
