Legal Question in Banking Law in India

I and my wife had taken a personal loan from SBI, for first 8-9 months we have paid the emi but due to loos of my job and a big big loos in the wifes business we were unable pay the emi, now after some days bank had issued a letter to us stating to repay the ammount, then we went to the bank with an application that we are not being able to repay the hole ammount. and in that application we also state that we have some assets which we will sell that and pay what ever the ammount we receive(the ammount is almost the half of the total principle loan ammount) but the bank is not willing to agree. Please sujest what to do as we have a little baby also.


Asked on 9/14/11, 5:01 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

If the bank does not heed your appeal for restructuring the loan or rephasement of the repayment schedule, the only thing you can do is to wait for the Bank to file a suit/recovery application and in that contest the matter and pray for referring the matter to Lok Adalath to arrive at an amicable settlement. No cut and dry solution is immediately possible.

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Answered on 9/15/11, 8:37 pm


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