Icici bank loan repayment
2 years ago
An ICICI recovery agent is threatening me to seize my car and auction my house and put me behind bar because I delayed car EMI payment for 15 DAYS not 90days. Can they do it?
Sidhaarth
Responded 2 years ago
A.The act of ICICI agent is wrong and contrary to law. Agent cannot harass the borrower of loan and if there is default let bank to move legally in court instead of getting engaged in such malpractice. ICICI is known for such malpractices. Report the matter to police. Agent cannot take such illegal possession.
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A.Hi,
Recovery agents are only appointed for those loan accounts which have defaulted for more than 90 days. In your case the default is only of 15 days, so the appointment of recovery agents is improper. The bank is required to serve you 60 days notice period before classifying your account as NPA. You can sue the bank for their action of threatening and harassing you.
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Recovery agents are only appointed for those loan accounts which have defaulted for more than 90 days. In your case the default is only of 15 days, so the appointment of recovery agents is improper. The bank is required to serve you 60 days notice period before classifying your account as NPA. You can sue the bank for their action of threatening and harassing you.
If you like my answer, please rate me.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
A missed EMI is classified as a minor default if the last payment is within 90 days or less. Since, the delay in payment was only by 15 days, it is still not classified as NPA and the action by the recovery agents is unlawful. You can clear the minor default by paying the emi with penalty fees. The actions of the recovery agent is wholly illegal. You can sue the bank and the recovery agents for threatening and humiliating you.
If you like my answer, please rate me.
A missed EMI is classified as a minor default if the last payment is within 90 days or less. Since, the delay in payment was only by 15 days, it is still not classified as NPA and the action by the recovery agents is unlawful. You can clear the minor default by paying the emi with penalty fees. The actions of the recovery agent is wholly illegal. You can sue the bank and the recovery agents for threatening and humiliating you.
If you like my answer, please rate me.
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