Legal Question in Banking Law in India

non payment of personal loan

My husband had taked a personal loan of 3 lakh ninet thousand one year back He was paying the EMI for six months but has not paid it from Jan 09 . Now we want to pay the total balance loan but without any service charges,late charges etc. We have informed the bank to let us know how to proceed. but they are not corresponding. What should we do next. What law supports bank?


Asked on 6/04/09, 12:21 pm

3 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: non payment of personal loan

You may deposit the money with the bank without any conditions. The late charges etc. may be discretion of the bank and you may have very little choice.

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Answered on 6/05/09, 8:54 am
RAMAN KUMAR BHARDWAJ R.K. BHARDWAJ & ASSOCIATES

Re: non payment of personal loan

normally the bank will accept the money only as per the terms of the agreement.

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Answered on 6/05/09, 12:29 pm
Pranav Desai PD Legal & Associates

Re: non payment of personal loan

Well!!! law will support only what you have contractually agreed i.e terms and conditions of the contract. I believe in such cases you should try to settle the issue amicably. If the officer of the bank is not communicating you can try to communicate to somebody senior.

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Answered on 6/05/09, 6:55 am


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