Legal Question in Banking Law in
What are the consequences in case of HDFC personal loan default?
Loan Amount was 100,000 INR for 36 months. 30 EMIs have been already paid?
Reason for Non-Payment : Loss of Job and financial crisis.
A legal notice Section 138 was sent to me in Oct 2010.
The Collection Executive is now giving me harrasment calls saying " I will be imprisoned which woud be Non Bailable"
2 Answers from Attorneys
you will be receiving summons from the Magistrate court if HDFC bank has filed the complaint. Tell the collection executive that you would complain to RBI. approach the bank setting out your difficulties and request for rescheduling the repayment of the balance instalments.
contact to a lawyer or contact me immediately .you have to approach to the reserve bank or the omburdsmen for proper remedies.
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