Legal Question in Banking Law in
I have taken personal loans from one public and one private bank. I subsequently lost my job and got a low paying job. I am not in a position to pay the EMIs what are the consequences.
ramesh
Asked on 8/03/10, 11:10 am
2 Answers from Attorneys
Devansh Bhardwaj
Devansh Bhardwaj
Bank shall adopt their actions as per Law depending upon their policies and your relations with Bank.
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DEVANSH BHARDWAJ
ADVOCATE
LUCKNOW
Answered on 8/03/10, 7:59 pm
J. Radhakrishnan
independent Practice
The lending Bank will sell the security if any you have provided them and or sue for the debt due from you. If you had given them any cheques which have bounced, they will also prosecute you under Sec.138 of the Negotiable Instruments Act.
Answered on 8/03/10, 8:25 pm
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