Re: Personal Loan default

legal action civil and/or criminal may be taken by the lender

Re: Personal Loan default

It would be a criminal complaint and/or suit filed by the bank for recovery.

Re: Personal Loan default

the bank might take possession of your property if you have mortgaged the same or may sue you under section 138 NI act if you have issued cheuqes to the bank

Re: Personal Loan default

In personal loans as no property is involved as security for garnting the loans the banks find it difficult to recover the loans and interest as well.But the bamks can file a suit for recovery of such amounts resulting the customer is forced to repay by law.If a person does not have any properties then the court may also oredr the person to undergo for simple imprisonment which may extend upto 2 years and with afine of upto Rs.2,000.

Re: Personal Loan default

Recovery suit, court decree, sale / attachment of assets; civil imprisonment.