Legal Question in Banking Law in India

Hello sir,

My name is Ganesh...I have brother whoz married and has two kids.he had taken a personal loan from the bank when we had own house and job..

Now, we sold the house and he lost his job as well, he is struggling a lot to pay his kids school fee and for the family expense as well....he is riding a rented auto now and not in a position to pay the emi's at this point of time ...

The bank people are calling him everyday and he has gone to an extent to commit suicide as well ...

But he is ready to pay back when he gets a job or if he gets any money...

Be has already sold the little gold which he had for family expense and school fees ...

Please advise what can be done...awaiting your response ...

Thanks


Asked on 3/24/16, 12:36 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

25.03.2016

Dear Ganesh,

When your brother sold the family house, he ought to have repaid and settled his personal loan from the sale proceeds he fetched. An auto rickshaw driver's minimum daily earnings (net of all expenses like repayment of owner's charges, routine maintenance and fuel expenses) is Rs. 800 to Rs. 900 daily in a metro city like Bengaluru, Chennai, Delhi, Kolkata and Mumbai; and a minimum daily net earning of Rs. 400 to Rs. 500 in other cities. If he desires and intends to, your brother can still pay a part of his monthly earnings toward repayment of his personal loan. His wife can also take up any job or vocation to supplement the family's income.

Regards,

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Answered on 3/24/16, 6:13 pm


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