Loan defaulter

Negotiate with the bank officials to extend the period of paying the installment ie., for longer installments to pay the amount easily.  It is the discretion of the bank to consider it and you cannot challenge any negative decision of the bank in the issue.

 MR.  R,R,KRISHNAA       IS   RIGHT.   I   AGREE   WITH   HIM.

Thanks Mr. R. R. Krishna for your valuable suggestion, also I would like to know what kind of legal action they can take against me ? If they go to court and as you suggested to extend the period if I ask for that ; can I get some relief from there? Off course I will show positive interest to repay the amount.

Mr. Krishna has given the apt reply.

Dear sanat nandi,

If the bank goes to court or you go to the court, the case will take time and in the meantime your interest payable will also increase.  It is better to discuss with the bank officials immediately and arrive at a one time settlement (OTS), wherein you can request them to reduce interest rate or some amount from the principal amount etc etc.  It is advisable to settle the entire amount immediately by negotiation.  Going to court will only increase your financial liability towards bank.