Legal Question in Banking Law in India
I have taken an personal moan form a nationilized bank and failed to repay the installment due to some financial challenges. can the bank ask the money form my employer and asked them to deduct the EMi form my salary?
5 Answers from Attorneys
Only if your employer has stood guarantee for you.
Bank can move to DRT and get an appropriate order to attach your salary............Please check Sanjay Kalra and Associates on the internet to know more about our law firm and the legal services we are rendering for our clients from all over the World.
What was the loan amount, did you provide any collateral or did anyone stand as guarantor.
You have to contact the concerned department of the bank to able to negotiate the repayment terms or restructure the loan so that you are able to pay off the debt.
Kind Regards
Setu Niket
Advocate
+91-9873109672
Yes, bank do so by obtaining an appropriate order from DRT if the amount is more then 10 lakhs or else order can be obtained from a regular Civil Court.
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