Get Free Legal Advice from Top Expert Lawyers

Dear Client,
As per the RBI Guidelines, Banks/NBFC/FI are advised to ensure that the contracts with the recovery agents do not induce the adoption of uncivilized, unlawful, and questionable behavior or recovery process. In the context, reference is invited to (a) Circular DBOD.Leg. No. BC.104/ 09.07.007 /2002-03 dated May 5, 2003, regarding Guidelines on Fair Practices Code for Lenders (b) Circular DBOD.No.BP. 40/ 21.04.158/ 2006-07 dated November 3, 2006, regarding outsourcing of financial ser

Dear Client,
Predatory lending is illegal and an unfair trade practice in India, and the Usurious Loans Act, 1918, is the primary legal tool for addressing predatory lending that prohibits lenders from charging excessively high interest rates, which is a hallmark of predatory lending. The Usurious Loans Act is only applicable to private loans or loans made in the unorganised sector. Banks and financial institutions in India are governed by the Reserve Bank of India (RBI), the Fair Practices Cod

Dear Sir,
Better to settle the loan amount otherwise the finance company people may start giving trouble to your family members even after taking away the Bike. Better approach them and enter into settlement to pay the balance amount in easy installments.

Dear Client,
The detection of stamp duty evasion during a SARFAESI auction can lead to a series of events, potentially leading to penalties, further investigation, and even the cancellation of the sale. Section 47A of the Indian Stamp Act, 1899, may be invoked if the Registering Authority has reason to believe that the market value of the property has not been truly set forth to fraudulently evade stamp duty. If the Sub-Registrar suspects undervaluation, they can impound the sale certificate and

Dear Client,
Credit Guarantee Scheme for Subordinate Debt (CGSSD), being operated by Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), provides guarantee coverage to Member Lending Institutions (MLIs) for the credit facility extended to the eligible MSMEs under the said scheme. Under the Scheme, Promoter(s) of the MSME unit will be given credit facility equal to 50% of his/her stake in the MSME entity (equity plus debt) or Rs 75 lakhs, whichever is lower, as per the last aud

Dear Client,
A borrower of a loan is held personally liable for his or her debt for non-payment of the outstanding amount of the loan, and legally, there is no escape route to get rid of that liability. Once the repayment of the loan stops or bounces for consecutive 3 occasions the Bank/NBFC initiates a routine course of legal action for recovery of the loan from the borrower marking the loan as a bad loan/NPA before approaching the Debt Recovery Tribunal or a Civil Court and after hearing both

Dear Client,
A borrower of a loan or dues against the credit cards is held personally liable for his or her debt for non-payment of the outstanding amount of the loan/credit cards. Once the repayment of the loan or credit card dues stops or bounces for consecutive 3 installments, the Bank initiates a routine course of action for recovery of the loan from the borrower. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court/DRT, after hearing bot

Dear Client, A borrower of a loan is held personally liable for his or her debt for non-payment of the outstanding amount of the loan, and legally, there is no escape route to get rid of that liability. Even in the absence of a borrower or guarantor, his or her surviving legal heirs are held liable to write off the debt from the asset or property they inherited from the deceased borrower. Alternatively, you can try to negotiate a debt settlement on your own if your pocket permits to repay the en

Dear Sir,
Many Banks bluffing like that and taking subsidy amount from the borrowers. If you are able then get details of such subsidy amount released by the Government in your favour otherwise you may close the account by paying such amount and start your new career.

Dear Client,
The current status of Sterling Tree-magnum (India) Limited is - Under the Liquidation process. So, a refund against your investment cannot be ensured so far as the current status of liquidation of the company is concerned. You may like to take up the matter of claim directly with the regulatory authority SEBI and/or the Company or its subsidiaries.