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
0 users found helpful
0 attorneys agreed


Dear Sir / Madam,

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


Read more
Answered on 5/10/13, 5:46 am
Jayesh Desai Jayesh Desai
0 users found helpful
0 attorneys agreed

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.

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

Related Questions & Answers

More Banking Law questions and answers in India

Looking for something else?

Get Free Legal Advice

88963 active attorneys ready to answer your legal questions today.

Banking Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Timothy McCormickLibris Solutions - Dispute Resolution ServicesSan Francisco, CA
Rahul Manchanda, Esq.Manchanda Law Office PLLCNew York, NY
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now