Legal Question in Credit and Debt Law in India

I took a personal loan of 1.9 Lakhs in 2008 from a private bank. I had paid my monthly EMIs though ECS until May 2009 before I lost my job. My EMI was Rs.5182.00\-. Now the bank is asking me to either pay 1.81 lakhs which includes interest+cheque bounce and other charges or pay 1.41 Lahks as settlement amount. I am working now and have request and informed the bank that I am willing to pay the amount back but can do so only in EMIs (original EMI amt). They are asking me make payment n 3 installments of Rs.50,000 each in next 3 months or they would take other steps. They also stated if I dont pay in 3 EMIs, they would contact my employer and have Rs 50,000 detected from my salary account. Please advise, I do not have the resource to payback the about in 3 EMIs.


Asked on 11/29/10, 3:03 am

1 Answer from Attorneys
Chandrawat, Call- +91-8109444689 Litigation Expert & Legal Advisor ([email protected])

This matter is more subject to negotiation and discussion between you and bank personnel, its more better if you speak to bank manager via face to face.

This is for your info that bank personnel may take legal action in respect of non payment of EMI's on time with reasonable and prior notice to you whereas the issue of detection is not subjected with out your consent.

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Answered on 11/30/10, 8:10 pm


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