Legal Question in Banking Law in India
Dear Sir
If a Person take a loan from x bank after repayment of few Installments Bank is closed or sold to an other body of bank.
now repayment stooped and later after some years new bank can recover that loan of Principal or Including Interest for past years ?
The Person is Liable to Pay Including Interest or Principal ?
If Interest is unbearable how to Proceed for Legally.
Asked on 11/11/16, 8:40 pm
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
12.11.2016
Dear Sir / Madam,
The person remains liable to repay and settle the outstanding loan amount to the new Bank.
Regards,
Answered on 11/11/16, 8:46 pm
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