PAYING SOME AMOUNT OF LOAN INSTALMENT
11 months ago
I HAVE LOAN OF 500000 BEFORE COVID IN COVID MY BUSINESS GOT DAMAGE AND ABOUT TO CLOSE HOW EVER I AM PAYING SOME AMOUNT 2000 TO 5000 ON MONTH EMI IS 13300 THEY ARE FORCING ME TO PAY FULL AMOUNT OR SELL YOUR KIDNY OR ANY THING WHAT TO DO
A.Hello,
As per the information you have mentioned it is suggested to you that If the borrower is unable to make the repayments, the lender has the legal authority to sell the assets pledged as collateral to recover the outstanding loan amount. However, even in this situation, the bank is required to issue a 30-day public notice before auctioning off the assets
As per the information you have mentioned it is suggested to you that If the borrower is unable to make the repayments, the lender has the legal authority to sell the assets pledged as collateral to recover the outstanding loan amount. However, even in this situation, the bank is required to issue a 30-day public notice before auctioning off the assets
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A.Dear Client,
In case of default in repayment of loan as per the condition of repayment, Bank/FI takes the routine course of action permitted under relevant laws for recovery of debt lying outstanding against you. You can pray for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. Both Supreme Court and Regulatory Authority, RBI issued orders/advisories refraining Bank/ FI strictly from taking any coercive or forceful action deploying the recovery agents to recover the dues from the defaulter loanee. Being a defaulter of a loan, in case you are getting such kind of threat calls or messages from recovery agents or any unknown entity, you need to report the matter in writing to the local PS and the concerned Bank and get in touch with an Advocate with all your papers/document for guidance and for taking necessary steps to resolve the issue in accordance with the provision of relevant laws'
In case of default in repayment of loan as per the condition of repayment, Bank/FI takes the routine course of action permitted under relevant laws for recovery of debt lying outstanding against you. You can pray for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. Both Supreme Court and Regulatory Authority, RBI issued orders/advisories refraining Bank/ FI strictly from taking any coercive or forceful action deploying the recovery agents to recover the dues from the defaulter loanee. Being a defaulter of a loan, in case you are getting such kind of threat calls or messages from recovery agents or any unknown entity, you need to report the matter in writing to the local PS and the concerned Bank and get in touch with an Advocate with all your papers/document for guidance and for taking necessary steps to resolve the issue in accordance with the provision of relevant laws'
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