Legal Question in Banking Law in India

I have a stuent loan from SBI. my present installments is 42,000 Rs per month which i have been paying on time up ntill now. I recently lost my job and hence unable to pay the installment amount. However with my new job I can only make the interest payment (approximatley 10,000 Rs) plus i can add some amount every month but definatley not the entire installment. what options can I have with regards to this with the bank. Will they accept my offer or will I be considered as a defaulter. My parents had signed on as a garantor but all togather we could only afford the above explained installment. Please advice. Many thanks

Asked on 1/20/14, 11:36 pm

J. Radhakrishnan independent Practice

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0 attorneys agreed

The bank may be requested to sympathetically consider your request. Better approach the branch manager.

Answered on 1/31/14, 3:44 am

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