Legal Question in Banking Law in
i have a personal loan of 6lcs and i was the regular payer of my loan but from last month i lost my job and i am not getting any employment option and i don't have any other option to repay my loan..Pls confirm what action bank can take against me and what would be the legal consequenses of non payment.
Asked on 8/05/10, 5:51 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
The bank will take action under Sec.138 of the Negotiable Instruments Act, in case, you have given them cheques and they have bounced. Otherwise, the card issuer will file suit against you for the balance outstanding
Answered on 8/05/10, 6:37 pm
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