Npa of cgtmse loan

Querist : Anonymous (Querist) 19 January 2023 This query is : Resolved
Dear Experts

I have availed a loan from a national bank under CGTMSE scheme (Small Enterprises) in 2014. The business was ok till 2017. Thereafter due to some health conditions couldn't continue and the account went into NPA. Currently I am unable to pay and no source of income. The bank have hired a recovery agency who visits my home every now and then. This is not a willfull default. I am willing to pay around 20% of the loan amount by selling some of my assets. Can't the bank claim from CGTMSE?

Follow Query

Report Abuse

kavksatyanarayana (Expert) 19 January 2023
No. You are responsible to pay the loan amount.

Advocate Bhartesh goyal (Expert) 20 January 2023
Bank has every right to recover entire due loan amount with interest and other expenses but if you are ready to pay due loan amount and interest in one time settlement scheme then bank may wave interest or other expenses.

Sudhir Kumar, Advocate (Expert) 10 May 2023
You have to pay.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Ask Query
Unanswered Queries