Personal loan defaulter

A Borrower, who borrows loan or financial advances from the Bank is expected to repay the loan as stipulated under the loan agreement. However, the circumstances did prevent you from making repayment of loan and advances. It appears that you have no malafide intention not to pay, and that you do not appear to be a willful defaulter, because you have also paid Rs. 1,00,000=00. 

If, your financial position improves, assure the banker that you would pay, but for the prevailing position. And, if the Banker still threatens, let them file a civil suit for recovery based on the instrument of bond. The Court will issue a summons for appearance. Appear before the Court and file appropriate reply, if you so wish. The Court would determine the issues between the parties, which obviously takes time in a rustic judicial system. The money decree will be drawn against you holding you responsible to make the repayment with contracted rate of interest. They will execute the decree against you. 

You will get ample time. And by that time, I think you will be engaged somewhere and earning. Ask for the installment before the Court and pay the same gradually. But, in any case, you will not be jailed or put behind the bars, if the borrower fails to make the payment in time. I would not have advised you like this, but since you are a student, I have discussed the procedural aspect and the time that you can buy. 

facts are not placed coherently.  Based on these facts the advise of Mr Hemang is correct.

I would not advise you to get in to litigation just for gaining time. There may be other options.I would suggest you to visit your banker with proposal for settlement of loan case . Gaining time with the consent of your banker may not be that difficult. As an alternate you may  approach , a friend or a relative for temporary loan, you can also approach an other banker for temporary loan.  

Getting a decree against yourself is not advisable at such a young stage. That shall be stigma not worth its price.

Agree with Cheema Sir. Do not go legal. Sort the problem u r self. Go & speak to the Bank. Explain them u r difficulties. Show u r willingness to pay. And pay them somehow. It's not worth being labeled a defaulter for such a small amount.  

Everyone, Thank you all for your advice. I am trying to pay them, it seems whatever I say bank is not accepting, they are calling my guarantor and threatening him to block his bank account. Also they say the case is already filed. I don't know what to believe. Bank is saying they send a notice and it got returned. Any thing i can do now sir, please.