Personal Loan default
3 years ago
Hi,
i need some advice on Personal Loan as i am not able to pay EMI after lockdown due to salary cuts and now sitting jobless, also bank has started stating that FIR will be lodge and 420 case can be files, so i just want to know what bank can do if i am not able to pay EMI now also.
A.Hi,
Your liability will be civil, unless you have deliberately misled the bank officials. You can approach the Banking Ombudsman and and have them try to facilitate a compromise.
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Your liability will be civil, unless you have deliberately misled the bank officials. You can approach the Banking Ombudsman and and have them try to facilitate a compromise.
If you found this helpful, please rate us.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
This will result in civil liability, the bank cannot initiate criminal proceedings against you unless you have misled them. You can approach the Banking Ombudsman for assistance.
If you found this helpful, please rate us.
This will result in civil liability, the bank cannot initiate criminal proceedings against you unless you have misled them. You can approach the Banking Ombudsman for assistance.
If you found this helpful, please rate us.
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Ashutosh Patel
Responded 3 years ago
A.This is a purely civil matter ,bank cannot file a criminal complaint under section 420 IPC as you have already paid some of your emi's only a civil suit for recovery is possible that to in many cases it does not reach to its conclusion Ask bank to consider your situation due to covid scenario ,everything u do must be in writtingas u will have a proof,ask them to restructure your loan amount
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