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.
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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.
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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
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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
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