Icici bank personal loan

ravi (Querist) 22 August 2011 This query is : Resolved
Sir,
I am taking personal loan from icici rs.460000.i was paid 12 instalments@15500pm in 2009. from 2010 jan onwards i was not paid to them. now they were called to me.now my financial position is very critical.i dont pay that amount.how the settle this matter please tell me.

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M.Sheik Mohammed Ali (Expert) 22 August 2011
you send the notice that about your situation and same time willing to pay dues periodically to the icici, then ask what are the options are there.

Guest (Expert) 22 August 2011
Dear Ravi,

On your request bank is likely to make liberal installments by making proper readjustments of the balance of loan amount. The only thing would be you will have to bear with the more amount of interest due to longer time of repayment. But, it is better to pay more interest than to become a bad paymaster and lose your credit rating with banks and other financial institutions, which is now being practised.

ajay sethi (Expert) 22 August 2011
you inform bank about your financial position bank will as adviced by Mr dhingra reduce amount payable monthly and increase the period for payment of loan

prabhakar singh (Expert) 22 August 2011
negotiate and settle is the best course you have/.

K.S.Srinivas (Expert) 22 August 2011
I agree with Mr.Dhingra.

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