Legal Question in Banking Law in India

Personal Loan default

What are the consequences a person

could face on a personal loan default.


Asked on 6/29/09, 11:00 pm

5 Answers from Attorneys
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: Personal Loan default

legal action civil and/or criminal may be taken by the lender

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Answered on 7/02/09, 7:29 am
Pranav Desai PD Legal & Associates

Re: Personal Loan default

It would be a criminal complaint and/or suit filed by the bank for recovery.

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Answered on 7/07/09, 1:49 am
RAMAN KUMAR BHARDWAJ R.K. BHARDWAJ & ASSOCIATES

Re: Personal Loan default

the bank might take possession of your property if you have mortgaged the same or may sue you under section 138 NI act if you have issued cheuqes to the bank

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Answered on 6/30/09, 3:52 am
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

Re: Personal Loan default

In personal loans as no property is involved as security for garnting the loans the banks find it difficult to recover the loans and interest as well.But the bamks can file a suit for recovery of such amounts resulting the customer is forced to repay by law.If a person does not have any properties then the court may also oredr the person to undergo for simple imprisonment which may extend upto 2 years and with afine of upto Rs.2,000.

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Answered on 6/30/09, 4:54 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Personal Loan default

Recovery suit, court decree, sale / attachment of assets; civil imprisonment.

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Answered on 6/30/09, 8:57 am


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