Loan default
3 years ago
I availed a mudra loan of 5lakh and now i am unable to repay it. Will bank take legal action for this or the bank will write off the amount? Please help me find the answer of this question.
A.Dear Sir,
It has a long procedure to recover the loans whenever you receive a Court notice you can defend the same through advocate and drag on the proceedings.
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It has a long procedure to recover the loans whenever you receive a Court notice you can defend the same through advocate and drag on the proceedings.
Rate me Five Star*
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DIYAVARHUSSAIN SHAIK
Responded 3 years ago
A.Dear Client
As per your inputs you are unable to pay the loan now then write a letter to banker asking some time to pay back the loan, bank will not cancel the loan you shall pay at any cost
As per your inputs you are unable to pay the loan now then write a letter to banker asking some time to pay back the loan, bank will not cancel the loan you shall pay at any cost
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Respected client,
According to the facts stated buy you, It can be suggested that you should contact the lender yourself and tell him your financial situation. It is possible that the lender might give you some short- time relief from repayment.
According to the facts stated buy you, It can be suggested that you should contact the lender yourself and tell him your financial situation. It is possible that the lender might give you some short- time relief from repayment.
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A.Hi,
If you are unable to pay the loan back, the lender will pursue you to take back the loan. It is suggested that you should contact the lender yourself and explain him the situation. It is possible that hje can give you some short- time relief from repayment.
If you are unable to pay the loan back, the lender will pursue you to take back the loan. It is suggested that you should contact the lender yourself and explain him the situation. It is possible that hje can give you some short- time relief from repayment.
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Manini Jaiswal
Responded 3 years ago
A.The Bank would firstly send you reminders for repayment and your account may be classified as NPA. After such classification the Bank may take legal action against you. You may settle the account later but it would reflect in your CIBIL score.
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