Poornima (NA) 12 October 2010
Hi, I Have got a personal loan from ICICI Bank in 2009..the loan amount is 4 lakhs for 5 years. Interest is 14%.. EMI is 9500 rs. Right now i'm not in a postion to pay the loan money due to other problems. Is there a way they can at least cut down the interest amount? what shall i do.. If i dont pay for a month the collectors come home and torture the family members..
Suchitra. S (Advocate) 12 October 2010
Is there any way out than repaying the loan amount after taking loan by signing to the terms and conditions of the bank? I advise you to contact the bank personnel and ask them to quote any settlement amount to close the loan account and pay it off in one stretch and take a receipt to that effect. This is the only alternative than paying loan every month.
bretleejohn (solicitor) 12 October 2010
Hi
I think it all depends on how you negotiate with the Bank. I suggest you to expalin the situation you are in and negotiate with them .
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