karishma ghosalkar 15 November 2017

Non payment of hdfc personal loan

Dear Sir My Brother has taken personal loan from HDFC Bank and he has failed to pay personal loan emi due to job lost. In starting he has paid regular loan for Rs. 100000 /- He has taken loan of rs 500000/- and now he has failed to pay loan emi so notice come from high court advocate for payment of dues within seven days otherwise they will take action against him. And my brother is not in a condition to pay this amount now so what will bank do in this case ? if bank will take my brother into jail please give suggestion urgently.

Reply Follow

3 Replies

Kumar Doab (FIN) 16 November 2017

If borrower has borrowed then borrower has to pay. Los of job is of no consequence for lender. The borrower can explain the circumstances to lender and ask to reschedule the debt/defer the payment/reduce EMI/restructure the loan/. His family can also help to arrange funds and pay the debt and ask lender for OTS. The matter is civil liability and lender may preferably pursue civil recourse, or Lok Adalat, until or unless the conduct of borrower does not have elements of criminal conduct.

Kumar Doab (FIN) 16 November 2017

If all efforts fail or have failed then approach a very able senior LOCAL counsel specializing in such/civil/consumer matters of unshakable repute and integrity, and having successful track record, with all record and loan docs for a considered opinion.

You may also consider the recourse thru Lok Adalat.