Legal Question in Credit and Debt Law in India
Personal Loan
can i ask support to a consumer court to wave or settel my personal loan due to high rate of interest, which is very difficult for me to pay.
2 Answers from Attorneys
Re: Personal Loan
You can approach consumer court ONLY if you establish "deficiency of service" by the service provider;
if you signed a contract, and that contract is legal, you are bound by it.
if the contract is illegal or opposed to public policy, you can seek its cancellation.
therefore, it will depend from whom you took the loan and what was the contract. The opinion will remain incomplete and inappropriate in the absence of complete facts.
If your case is covered within the policy framework of RBI or Banks for settlement of loans, you can seek a similar relief on the basis of equality.
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