Banking laws---remedies to recover loan
Querist :
Anonymous
(Querist) 12 November 2011
This query is : Resolved
What are the various most effective & fast remedies available to banks/NBFC's/FI's to recover their loan amount in case of default by the following:
Limited /Pvt Ltd Companies
Partnership firms/ Proprietor
Individual
Type of Loans:
Personal Loan/ Credit card
Mortgaged Loan
Home Loan,
Unsecured Business Loan
Term Loan/Credit Limit
Car Loan
Defaulter could not escape from liability except become insolvent..
Guest
(Expert) 12 November 2011
Sorry dear, the banks/NBFCs/FIs have their own legal consultants at their panel and can very well afford hiring of additional legal experts. They charge heavily as interest rates and penalties on loans to afford fee for hiring of additional legal experts. So, you should not have ventured to get free services of experts here to help your organization to suggest you ways and means to recover your loans.
ajay sethi
(Expert) 12 November 2011
excellent advice by Dhingraji
Devajyoti Barman
(Expert) 12 November 2011
Yes
Even most of the time I find the members of our own fraternity just post a query without bothering to even flip through some pages of the book to know the answer on their own.
We are here to help in dire need of advice, not the organisation or even a professional to help him win acase when he is not ready to work harder.
Nadeem Qureshi
(Expert) 12 November 2011
SARFAESI ACT is the best law for banking and Financial institutions for recover Loan.
feel free to call
Querist :
Anonymous
(Querist) 12 November 2011
I know most of the remedies but still looking for some more...
If you don't have any answer than just simply say no... why to blame banks... banks are the growth engine of the country...and they have right to recover their dues as per contract....... Every entrepreneur need bank to grow his business......
I am just looking answers for my future interview.....
Sankaranarayanan
(Expert) 12 November 2011
you can call mr nadeem , he will guide you and help you
Guest
(Expert) 12 November 2011
Dear Anonymous,
If you knew the remedies and means of recovery, why did not you post here to get your knoledge enhanced by seeking reviews of the experts on those remedies, rather than trying to put to test the experts on your question LIKE A LAYMAN?
On one hand you state that you were looking answers for your future interview, but on the other hand by posting your query under the category of "Business Law" you want to forcibly extract answers from the experts by exploiting them by stating, "If you don't have any answer than just simply say no... why to blame banks..." VERY STRANGE BEHAVIOUR OF A KNOWLEDGE SEEKER, OF COURSE!
FURTHER, On one hand you say that "banks are the growth engine of the country...and they have right to recover their dues as per contract" but on the other you want your bank to grow more at the cost of the experts and depositors so that you get undue credit to grow more profits for the capitalists. STLL FURTHER, if you feel that the banks have the RIGHT to recover their dues, nobody (including myself) denies that, BUT the banks also have the RESPONSIBILITIES to compensate the experts by paying their fees for their services to help the banks.
Do you think, from your anonymous position, any one could presume why you were asking such a question, whether for the purpose of enhancement of your knowledge for your interview or as a manager of some bank?
On the whole, your own query and subsequent egoistic clarification is full of contradictions only.
Querist :
Anonymous
(Querist) 12 November 2011
If you find my reply offensive than sorry for that, but I just wanted to enhance my knowledge further... recovery methods which can be utilize by banks or nbfc to recover loan amount.... that's it..
Pls suggest if any except below remedies...
138 case...
wind up
SARFAESI
DRT
Civil suit summary
criminal case (Criminal breach of trust)
thanks
Guest
(Expert) 12 November 2011
Other methods can be:
- Sale of property of colateral security, if any pledged with the bank/FI;
- waiving of penalty amount and interest;
- rescheduling recovery plan;
- reducing of the installment amount by increasing loan repayment duration to suit the debtor's capacity;
- blacklisting the debtor and circulating his name to other financial institutions, including credit rating agencies under intimation to the debtor.
PLEASE NOTE FOR FUTURE, KNOWLEDGE CAN BE GAINED ONLY BY HUMILITY, NOT THROUGH EGOISTIC ATTITUDE. IF SOME ONE HAS GIVEN SOME ADVICE TO YOU INSTEAD OF REPLYING YOUR QUERY, IT IS NOT GOOD TO UNDERRATE HIS KNOWLEDGE, as you stated, "if you don't have any answer than just simply say no..." This reflected your egoistic attitude only.
prabhakar singh
(Expert) 12 November 2011
you have now got the sufficient help on dis-closer of your purpose.
Querist :
Anonymous
(Querist) 12 November 2011
Thanks for help.....
