Legal Question in Banking Law in India

I have taken Personal Loan of Rs 70 thousand from ICICI bank and i have done repay of Rs 25 thousand. But suddently i have faced financial problem and for that i am unable to give emi timely. And still i am facing financial problem.

Now i need your help that is there any procedure in law that i am resumpted from balance emi??? Please help me on this..


Asked on 5/14/11, 4:42 am

2 Answers from Attorneys
G. M. Gupta gmguptaandassociates

you can request the bank to defer the repayment due to your financial conditions and they can reschedule it. if you think that you will never be able to pay the amount then it is advisable to make the payment by selling some of the assets you have because otherwise the interest will keep increasing.

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Answered on 5/14/11, 4:53 am
Professor SOMNATH MUKHERJEE MUKHERJEE ASSOCIATES(Cell +91 9874753359/ 9477781578)

it is better you should request to the to reschedule the the payment

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Answered on 5/15/11, 4:19 am


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