Rishi (NO) 01 October 2013

No money to close the bank loan

Hi ,

I've avaliled bank loan for 5 laks out of I've repaid around 2 laks.

Since I lost job from past one year I didnt have any money with me to repay HDFC bank loan. Now they are threatening me that they will proceed legally and they are explaining some arbitration process, which is greek and latin to me.

Will I be sent to Jail for not having any more assets or money for loan ?? If so, Can I apply for bail ??

Please help me as I am the only protector for My Small Kid and wife and widow mother .

THanks in advance.

Reply Follow

2 Replies

T. Kalaiselvan, Advocate (Advocate) 01 October 2013

If Bank is arranging for Arbitration i.e., settlement through Lok adalat, see if it feasible, or else leave it and face the court. Dont be afraid that you will be put in jail etc., the bank, based on the guarantee may file a sit for recovery of money before a civil court only, you will be given a chance to explain your problems and accordingly you will be ordered to pay the due amounts in sufficient installments.