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Q. Loan default due to crushed my business

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Alpesh prajapati

posted 1 year ago

Q.Loan default due to crushed my business
I have taken a business loan from kotak mahindra bank . due to my business crushed down i can't able to repay my emi . i request my bank to reduce my emi.. Can bank reduce my emi.. Or what can i do legally to my bank

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Kishan Dutt Kalaskar Retired Judge

Experience: 34 Year(s)

Responded 1 year ago

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A. ) Dear Sir,
You may approach Banking Ombudsman or Higher Officers of Bank. They have discretionary powers.

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Shreyash Mohta

Experience: 2 Year(s)

Responded 1 year ago

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A. ) Try to talk to bank and repay the same in installments. If not then file an insolvency suit.
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Shreyash Mohta

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Alpesh prajapati

Replied 1 year ago

I will try .. But insolvency is claim by other party.. Can i file my insolvency by self ?

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Rameshwar Dadhe

Experience: 4 Year(s)

Responded 1 year ago

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A. ) It is binding on to pay it . U can make request to the bank manager for it

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