I cannot paid my bike EMI last 8 months
2 years ago
I cannot paid my bike emi last 8 months... Now what I do.. I have no money to pay... What I do please tell
Lucem Leg
Responded 2 years ago
A.Dear Sir,
If you do not have enough money in your bank account then no need to worry, Bank will try to reach you when your account will declare as NPA. Bank has the option either to seize your bike for non payment or can take action against you by initiating legal proceedings.
Kindly respond if any further assistance is required.
Helpful
Helpful
Share
A.Hi,
The bank can move legally. If you fail to repay your home loan and the lender is set to auction off your property to recover his dues, you can still pay your dues before the auction or appeal to the Debt Recovery Tribunal to stop the auction.
Please rate my answer
Thank You
The bank can move legally. If you fail to repay your home loan and the lender is set to auction off your property to recover his dues, you can still pay your dues before the auction or appeal to the Debt Recovery Tribunal to stop the auction.
Please rate my answer
Thank You
Helpful
Helpful
Share
Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
Bank can take action against you if you don't pay the EMI. They can sue you and forfeiture your bike. The law protects both the borrower and the lender. However, where the borrower is unable to continue his payments, the lender is within his rights to initiate recovery through legal means.
Please rate my answer
Thank You
Bank can take action against you if you don't pay the EMI. They can sue you and forfeiture your bike. The law protects both the borrower and the lender. However, where the borrower is unable to continue his payments, the lender is within his rights to initiate recovery through legal means.
Please rate my answer
Thank You
Helpful
Helpful
Share
Read Related Answers
Car loan
Dear Client,
Once a borrower fails to repay his debt, the Lenders/FIs initiate a routine course of action for recovery of the loan/debt from the borrower. You may negotiate or settle your dues agains...
CKYC for Bank Account of ABC Tenants Group
Dear Client,
An association is a body of individuals and an association is required to be registered under the Societies Registration Act to make it a legal entity to apply for PAN. So when you are o...
Bank ke dwara 13 2 ka jawab nahi Dena
Dear Client,
According to Section 13(2) of SARFAESI Act, the borrower is required to repay the outstanding dues within 60 days from the date of the notice. If the borrower fails to comply with the not...
Money in account is put on hold by cyber cell
Dear Client,
When a cyber complaint is field on National Cyber Crime Reporting Portal (NCCRP) or in case of any police complaint, the Cyber Crime Cell directs the concerned bank to freeze the accounts...
Online job fraud
Dear Client,
Please register a complaint with cyber security for online fraud and scam. Complaints can be reported through helpline number 1930 or on National Cybercrime Reporting Portal. Or you can a...
Read Blogs on Banking
Banking Lawyers
Find Lawyers by Location
