Legal Question in Banking Law in India

I lost my job due to recession.

I also lost my abilty to work due to a accident. I had 4 lakh persanal loan. For how many years will I be punished behind the bars


Asked on 8/25/11, 3:10 pm

3 Answers from Attorneys
Sanjay Kalra Sanjay Kalra & Associates

You will not be send to jail but the bank would recover the amount by selling your personal belongings etc.

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Answered on 8/25/11, 11:26 pm
KarVai Legal Solutions Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in

let the bank come than ask for settlement

they will not send u behind jail....

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Answered on 8/26/11, 1:51 am
J. Radhakrishnan independent Practice

If you have not issued cheques in repayment which bounced, you won't have a chance of being imprisoned for default in repayment. Try to settle the loan as far as possible. Otherwise go in for insolvency petition

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Answered on 8/26/11, 6:41 pm


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