madhusudhan varadarajan (Manager) 09 August 2010
Hello,
Lot of banks have given personal loans on phone without any documentation to the public who holds credit card or bank accounts. However, when the borrower did not repay these loans, since the borrower has not pledged or mortagaged any immovable or movable property with the bank.
In these situations, what can Bank do to recover loans? Will they have enought evidence to proof? Can the bank produce the evidence such as the phone conversation to the court?
Pls Advise.
Thanks
adv. rajeev ( rajoo ) (practicing advocate) 10 August 2010
without any agreements loan will not be given I think I am right.
sudhakar surve (personnel manager) 10 August 2010
Dear friend,
Without making proper documentation and acceptance of terms & conditions of loan in written, by the borrower , It would be inappropriate on the part of the bank to release the loan amount . This will lead to more harder excercise to any bank to recover the loan from borrower than in a normal circumstances. I think I have explain you the cause & consequences of the situation in simple way
Sudhakar.
.
V R SHROFF (Sr. ADVOCATE Bombay High Court Mob: 9892432152) 26 November 2011
Is it a product of ur fertile imagination, or can cite few example??
Over all it is banking, Public money cannot be lent to such risky Loan .Bank have to follow RBI guideline.
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