Legal Question in Banking Law in India

i aken personan loan form 5 different bank and one auto loan. i regularly paid all emi on time approx 20 installments, now i am in financial crisis now unable to pay the emis.not paying from last 6months. i dont have any kind of fund to survive my self, i m totally blocked even bank collection agency pressurised me to pay it. i want to pay but due to huge loss in my busiess unable to do it, even i dont have money to take my food properly, total amount pending of all banks approx 7 to 8 lacs. kindly advice waht to do now?

Asked on 12/02/09, 8:33 am

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when the bank files a suit for recovery, you may plead before the court to show some leniency and let you pay through easy Monthly Instalments.

Answered on 12/03/09, 2:45 am

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