Regarding personal loan

Abhinav Raj (Querist) 23 December 2013 This query is : Resolved
Dear Sir

I took a personal loan from ICICI a around 5 Yrs back but after that once I took this loan, I started a Business and in that business even my capital is also shrink ed.So in that case I didnt make the payment but as of now I would like to pay that amount but in installments, in the mean while I got certain calls from so called bank officers in brutal way but unfortunately I could not make the payment.

So now please give the advise what I need to do in this case should i go to the directly banker or some agencies, can they take any legal action against me. Please help me out.

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ajay sethi (Expert) 23 December 2013
when was last time you made payment ? you must be receiving detailed statement of account from bank ? what is amount payable s on date ? approach bank for settlement

Guest (Expert) 23 December 2013
When you say it is ICICI you better be careful.Seek the guidance of good lawyer.If you want to settle them you take some more time and settle it as one time settlement only.If you want to repay in installments remember they would adjust all your installment amount towards interest and your loan would never get over.Request your advocate to take this matter to Lok Adalat by filing case towards unreasonable interest demands .There you could ask installment option also and that would be final.

Rajendra K Goyal (Expert) 23 December 2013
Well advised by the expert narasimha ji. Agree with the advise.

T. Kalaiselvan, Advocate (Expert) 24 December 2013
I too endorse expert Mr. Narasimma's advise in this regard.

Abhinav Raj (Querist) 24 December 2013
Thanks a lot for your advice, but there is company called Impact solutions situated at Karol Bagh, New Delhi, they are saying like will settle the entire loan in just 40% of the principal amount like 80000 INR, I need to pay out 2 Lacs and loan will be settled.
So should I go with it.

Guest (Expert) 24 December 2013
It is up to you to decide

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