Notice on Loan amount for agriculture loan
8 months ago
I have taken land development loan for my agri land from SBI Karnataka in 2020 which we couldn't repay on time. Now the Bank are saying that your account becomes NP and you have to close it or go for One time settlement and they have sent a legal notice for it.
We cannot pay the whole amount now,atleast we need one year time to pay one year to pay principal amount
What can we do now? What can we reply to notice?
A.Dear Client,
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated by Bank as NPA. Accordingly, Bank sends notice to Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, Bank started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loans for any reason whatsoever. Moreover, legal actions may also be taken against you that includes filing a civil suit in court or initiating criminal proceedings against you. So, to make yourself debt free, you have to repay the entire outstanding amount including interest/penal interest lying unpaid against you.
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated by Bank as NPA. Accordingly, Bank sends notice to Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, Bank started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loans for any reason whatsoever. Moreover, legal actions may also be taken against you that includes filing a civil suit in court or initiating criminal proceedings against you. So, to make yourself debt free, you have to repay the entire outstanding amount including interest/penal interest lying unpaid against you.
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A.Dear client,
Please reply to the notice stating clearly regarding your position and financial status. If you do not reply, they may initiate legal proceedings against you
Please reply to the notice stating clearly regarding your position and financial status. If you do not reply, they may initiate legal proceedings against you
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A.Dear Sir,
You are in dangerous situation just prolong the matter by paying some amount otherwise they are at liberty to auction your agricultural land.
You are in dangerous situation just prolong the matter by paying some amount otherwise they are at liberty to auction your agricultural land.
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