Legal Question in Banking Law in India

Payment of Personal Loans

hello,

i had taken a couple of personal loans (2.5 lacs) but due to being jobless in between could not continue the payment in normal way. Now I am paying them but not on a regular basis. Can they start any legal action against me though I am paying them whenever possible.


Asked on 7/03/07, 5:30 pm

2 Answers from Attorneys
G. M. Gupta gmguptaandassociates

Re: Payment of Personal Loans

request to the financing institute to allow such payments and ask them not to levy additional charges.

you can do a lot of things and there are a lot of precautions to be taken

its better you talk personally

For further and detailed advice please contact personally. Consultation charges will apply.

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Answered on 7/04/07, 12:13 am
kavitha balakrishnan kpp associates

Re: Payment of Personal Loans

usually the bank wait until there are three defaults - then they call upon the person and instruct them to pay the default amount with charges and additional penalities! - in certain banks they also insist of repayment or preclosure of entire loan! - legally they would start off with a notice!

when you receive a legal notice of bank letter then it is time for you to consult lawyer!

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Answered on 7/05/07, 1:47 pm


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