Taken loan from bank, now i am stuck
akmal
(Querist) 30 September 2010
This query is : Resolved
Hi sir,
I had taken loan of 40 million from a local bank for exporting a machine. It was the time when the market broke down.
After few months, i got a notice from my bank that i have to pay the loan at once, as the bank was in need of money.
As per the aggrement i was not to pay any money till 4 years, but bank forced me to pay it from the very beggining. Now i am stuck with it. My bussiness is going down, all my income is going in paying the bank. It doesnt look that i can clear it like this. I am asking the bank some time but they are not in a mood to give me any time, insted of that they told me to pay an additional amount of 30 lacks in 5 days.
They are treatening me if i dont pay the amount in time, the bank will take over on my properties.
If there is any one who can help me and guide me with this then please let me know.
no matter how but i want to come out of this.
If u want i can provide the document too for more detail.
Plese help me out
anyone
thanks & Regards
Devajyoti Barman
(Expert) 01 October 2010
Get back to me in - devajyoti_barman@yahoo.co.in.
Adv. G. A. Gagdani
(Expert) 01 October 2010
well what you can do is approach local advocate, file a case related to getting time as it is not possible and if at all forced then you may be facing severe difficulties as the funds were utilised for business purpose and as per market condition it is not possible.
please approach local advocate and file suit urgently.
Sri Vijayan.A
(Expert) 01 October 2010
If what u said is correct, yuo need not pay any money, even the pre-EMI, towards the repayment of money.
In that condition, you may send a legal notice to the bank not to torture you like this.
So donot worry. You wont get any problem.
Advocate. Arunagiri
(Expert) 06 October 2010
Your info is incomplete. When you got the loan, what is the current arrears?
You can also talk to the bank for a settlement.
