Legal Question in Banking Law in India

loans
hi, I have taken personal loans from 8 different banks. When i took loan i was doing job in Wipro. Due to some family and personal problems am unable to pay the loans EMI. I dont have any other source to pay. Now iam ready to face the legal action agains me. Can u please tell me how many months of jail would be on me, if i dont pay the loans. As i hve lost all of my money in the share market. I dont hve anything to pay. Even its difficult to survive for me. Pls advice me.

Asked on 11/12/08, 1:08 am

4 Answers from Attorneys

Nasir Butt Nasir Law Associates

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Re: loans

Actions are not taken in mechanical and hasty manner. Your request to banker may save you. Don't delay, go to bank and request for some relaxation.

Answered on 11/12/08, 9:58 am

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Sudershan Goel India Law Offices of Sudershan Goel - Advocate

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Re: loans

You may consider filing for insolvency to avoid any criminal action.

Answered on 11/12/08, 10:20 am

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Pravin Vaidya Independent

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Re: loans

The best way is to approach concerned Banks and negotiate extention of time limit for repayment of loans.There is no escape from paying the loans as you have taken loans & used the same for the purpose other than for which they were sanctioned. Moreover you have not mentioned whether your job with Wipro is coninuing now or not. While insolvency is a ultimate step to avoid CIVIL Liability even in that case you csnnot avoid CRIMINAL liability(Such as cheque issued for EMI which returned unpaid etc. )I presume you are not prepared for this.

Answered on 11/19/08, 11:33 pm

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