Personal loan - default

As Per RBI Direction bank can adopt only legal mean for recovery of the money .

if bank file a case then court will give u  time  to make the payment .n file ur reply to the case. and u will not directly adjudicated insolvent or go to jail.

first notice calling payment  will be issued .

if u fail to make payment as per notice then case will be filed in court ,here Court will give to time to make the payment .

it will take time but as u said u had job ,make ur problem understand to concerned authority for giving few more days.

donot worry .

Dear Friend,

Do not worry at all. No body can threaten any body like that. Up to most bank can file a recovery suit against you and you will be first asked to pay the entire money. however on your grounds of unableness you can be given time for that or bank can come for the out side court settlement of the lesser due amount which also can be negotiated in case the good Advocate mediates for you. Your intention to pay is enough in the recovery suits.

If you think I can represent you in this case for the court appearance and settlemet in your favour .

Advise, always take assistance from an experienced and well educated Advocate of the field.
Click "LIKE" in appreciation of the above answer.

Anand Bali, Adv.
(B.Com., M.A., LL.B., M.B.A.)

Supreme Court Of India,
High Court & District Courts of Delhi, UP & UK.
For Civil, Criminal, Property, Recovery, Consumer,
Service & Family Dispute Matters.

Go to the Bank personally and explain your stand.  Give an application for rescheduling the instalments.  You represent in writing that you are not a willful defaulter but because of the circumstances, you could not repay the loan in time, now that your financial situation is improved and you will start paying regularly hereafter.  You ignore the threats.