Legal Question in Banking Law in India
we have a un secure loan in Kotak Mahindra bank. from past two years we are payin the installment promptly. mar 1st 2011 was our due date for the instalment. and we couldnot pay it and we have told them that we will be paying it on April 1st (both the installments) but they are saying they will take action against us. as we have just missed one month and they have not issued notice also them is it legal for them to take action against us?
Asked on 3/22/11, 1:20 am
2 Answers from Attorneys
J. Radhakrishnan
independent Practice
NO. They may levy penalty for delayed payment.
Answered on 3/22/11, 12:59 pm
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