Legal Question in Banking Law in India

I have taken a personal loan of Rs.60,000/- from CITI Finincial Consumer Pvt.Ltd, Guwahati for 3 years tenure, but due to my some personal problem I could not be able to cleare all my ecs, but I already cleared my 31 emi payment out of 36 emi through ECS, Cash & Cheque payment. Now I got a Lok Adalat notice from them without intimation me anything and they charged as a defauly of Rs.25000/- approx from me. Now what can I do. Please suggest me. Can I clear my dues within 1 year time frame. is it possible for me. Pls suggest now Sir

Asked on 5/10/13, 12:47 am

2 Answers from Attorneys

Fca Prashant Chavan Expert Edge LLP
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10.05.2013

Dear Sir / Madam,

You should negotiate a settlement with the Bank and pay the balance loan amount.

Regards,

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Answered on 5/10/13, 5:46 am
Jayesh Desai Jayesh Desai
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All bankers ultimately wants is their money back, negotiate with them One Time Settlement and try to pay in one single shot, then you will be able to get a reasonable reduction in that amount.

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Answered on 5/13/13, 7:13 am

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