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


Dear Sir / Madam,

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


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Answered on 5/10/13, 5:46 am

Jayesh Desai Jayesh Desai

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.

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

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