Legal Question in Banking Law in India

want to know u/s 138 of NI act

sir,I have taken a personal loan and i have paid 23 instalment out of 48.Now i am unemployed for last 10 months and unable to pay the instalment further.Please guide me


Asked on 7/02/09, 9:20 am

4 Answers from Attorneys
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

Re: want to know u/s 138 of NI act

What is there to guide when you have taken a loan from bank you are legally bound to pay the amount,as you said you unemployed presently,so you can plead your inability by showing the evidence of your unemployment to the bank and settle the debt with the bank by requesting them to waive the interest.You have no other go.

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Answered on 7/02/09, 11:30 am
Pranav Desai PD Legal & Associates

Re: want to know u/s 138 of NI act

You can approach the bank and get the loan rescheduled.

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Answered on 7/07/09, 5:14 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: want to know u/s 138 of NI act

You should make arrangement to meet your liability to avoid any unpleasant situation like litigation for recovery which may increase your fiancial burden.

You may consider selling any asset to liquidate your liability at the earliest.

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Answered on 7/02/09, 11:53 pm
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: want to know u/s 138 of NI act

contact a local lawyer with full details.

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Answered on 7/03/09, 12:50 am


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