Legal Question in Banking Law in India

Hi,

I had taken 2 Personal Loans (Rs. 1,5lakhs & 2.5lakhs) from different Banks and 2 Credit Cards from a different Bank. I have closed the Cards, but could not pay the EMIs for both the Banks on time. I wish to start the EMIs again so that I can repay them totally. My questions are as below:

1. Will I be able to ask the Bank to start the EMIs again? (They had stopped the ECS from my account as there was always insufficient balance. Also, as the Recovery Agents were shouting at me in my workplace, I wish not to go to them but deal directly with the Bank. )

2. Is there any provision according to Statute of Limitations in this case also, if yes how many years? And how can I use it to protect myself from Recovery Agents harassing me?


Asked on 7/25/11, 10:11 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

statute of limitation bars any court action three years after the loan became due. If in the meanwhile, you had acknowledged in writing the debt, further period of limitation will start from every such acknowledgment. If the Recovery agents harass you, you can complain to the police and or to Reserve Bank of India.

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Answered on 8/01/11, 7:20 am


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