Legal Question in Credit and Debt Law in India

I hav traken a personel loan from ICICI bank. Due to financial problem I couldn't continue my EMI. Now we settled this. I received a settlement letter. But I have only one day to pay 60 thousand. What happen if I miss to pay. Please advice.


Asked on 3/29/12, 4:41 am

2 Answers from Attorneys
Santosh Dash Legal Consultant

Nothing great is going to happen. Better to write letter (and get ack if possible)/ send over mail/fax expressing your inability to pay (mention a date when will be able to pay which will show YOUR INTENTION IS IN GOOD FAITH) and Pay in time as committed.

Yes, you will be liable to pay with interest

Read more
Answered on 3/29/12, 4:52 am
J. Radhakrishnan independent Practice

they will file suit if you don't settle the loan

Read more
Answered on 3/29/12, 4:53 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in India