Legal Question in Credit and Debt Law in India

hi,

if a customer is not able to pay off personal loan availed from bank then what action can the bank take against the customer and how can a customer save himself? Personal loan is given only on taking the customers salary into account but due to recession these days a person looses his job and is not able to pay the EMI's though his intention is good and wants to pay the bank.What will happen in this case?

please advise.

regards

madhur


Asked on 10/03/09, 1:40 am

1 Answer from Attorneys
Seshadri Srinivasan www.lawconcern.com

It depends on what you did with the loan money. Anyway you had undertaken to pay back these loans and probably issued PDCs.

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Answered on 10/03/09, 3:57 am


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