Legal Question in Banking Law in India
Dear sir,
Six or seven year ago We got a Loan of Rs. 55000 from SBI bank. we depositted the installment in timly manner for 8 or 9 months. Due to some problem we did not depositted any installment in this loan. Now the loan amount is above 90000/- rs. We deposit 13000 rs in this loan before two months. Now we are unable to paid the full amount of loan. I want to ask that in how many minimum payment this loan will finished at any way.The recovery agent black mail me many times. He asked me to pay him & he also said me that if you did not pay some rs. to me I will send jail to you.
Kindly help me. I am in very deep problem.
Thanking You
Mohsin Ali
1 Answer from Attorneys
negotiate with bank for one time settlement. Re. harassment by recovery agent, complain to the Bank, RBI and local police. The Recovery Agent cannot send you to jail.
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