Legal Question in Banking Law in India

i have taken a personal loan on 2007 and immediate after one month i lost my job from bajaj allianz life ins com.so unable to pay the loan.Though my financial condition is critical then, I never thought of repay and the bank also not contact me.On 2012 march i got a call from bank to repay the loan and i agreed to pay in installment though till now my financial condition is not well but they force me to pay within one month which is not possible in my part so i cant.It is now 2013 and they are forcing me in the same way.I could pay it in installment but cant pay lump-sum what should i do as they harassing me by giving regular phone call.


Asked on 9/17/13, 5:46 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

17.09.2013

Dear Sir / Madam,

Instead of only saying that you will pay is meaningless. You should go and meet the Bank Manager with your initial lumpsum repayment cheque and agree with the bank to settle the balance in equated monthly installments. Never ever be under the wrong impression that the loan repayment will ever be waived off.

Regards,

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Answered on 9/17/13, 10:53 am


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