Legal Question in Banking Law in India

Personal loan debt

I have a personal loan of 5 lakhs and was unable to pay the EMIS from past three years due to financial problems. Now all of sudden there is some hope that I can atleast pay their principal amounts. Is there a way that I can talk to them and settle without having collection agents interfere or how should I approach?


Asked on 3/26/09, 1:31 pm

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

Re: Personal loan debt

You may approach them directly; you may expect some waiver of penalty etc. but not the full interest amount. In order to avoid recovery agents bothering you, it may be better that your offer is accompanied by payment to the tune of about twenty five percent.

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Answered on 3/26/09, 4:41 pm
J. Radhakrishnan independent Practice

Re: Personal loan debt

There is restructuring advised by RBI.Apply before 31st March 2009 for restructuring making some initial payment. Approach to the Bank may yield result

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Answered on 3/26/09, 11:27 pm
Homi Maratha N.N. Maratha & Co.-Advocates

Re: Personal loan debt

Already replied.

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Answered on 4/04/09, 6:11 am


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