Legal Question in Banking Law in India

non payment of personal loans

i have a personal loan running against my name.i lost my job as i met with an accident few months back.i have not paid my emi since last 10 months.i want to start paying now.what are the consequences and how can i start my dues paying immediately but not in one go but in easy installments?


Asked on 1/27/09, 12:58 pm

2 Answers from Attorneys
J. Radhakrishnan independent Practice

Re: non payment of personal loans

write a letter to the chairman and MD of the bank as well as the local manager explaining your difficult situation and your efforts to settle the debt gradually and requesting them not to harass thru recovery agents. Send a copy to chief officer, Banking supervision dept, RBI, Bombay requesting him to caution the bank from harassing you. Honesty is always the best policy.

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Answered on 1/28/09, 9:41 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: non payment of personal loans

You may better start making payments immediately.

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Answered on 1/27/09, 5:53 pm


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