Legal Question in Banking Law in India
if due to business loss EMI of unsecured business loan could not be paid what are options and consequences
Asked on 1/25/16, 10:47 pm
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
26.01.2016
Dear Sir / Madam,
The Bank / Institution will tell you that they are solely concerned with the loan repayment. If you fail to repay and settle the business loan, they may initiate legal recovery proceedings against you. The Law will take its own course to decide the matter if you are not in a position to repay ans settle the loan.
Regards,
Answered on 1/26/16, 1:18 am
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