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7 months ago
Hi sir I am shibsankar Dey I am borrow a personal loan amount of 1.68lakh emi of 8860/ for 47 months I know they Highly adding interest but still I already paid 12emi of rupees 8860/ per month but In last 3months I am not able to pay emi because of my financial loss like I have job less since February 2023 but now they starting Harresment calls every day there agent coming to my rent house & also they are adding 705rupees for late fine & penalty sir what can I do ?
A.Dear Client,
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated as NPA. Accordingly, the Bank sends notice to the Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response for the Borrower, they started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court, after hearing both parties Court may pass an order for attachment of collateral security for both the borrower and guarantor for recovery of the loan. you may make a prayer before the Court for granting some more time explaining your present financial constraints which may or may not be allowed on the objection from other party Bank. So, try to negotiate the matter with the Bank out of court on suitable terms considering its impact on your CIBIL Record and other legal consequences. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward.
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated as NPA. Accordingly, the Bank sends notice to the Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response for the Borrower, they started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court, after hearing both parties Court may pass an order for attachment of collateral security for both the borrower and guarantor for recovery of the loan. you may make a prayer before the Court for granting some more time explaining your present financial constraints which may or may not be allowed on the objection from other party Bank. So, try to negotiate the matter with the Bank out of court on suitable terms considering its impact on your CIBIL Record and other legal consequences. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward.
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A.Dear client,
A recovery agent is not permitted to infringe upon your personal space, as per RBI regulations. In other words, the third party is not permitted to talk about the loan with your coworkers, friends, or family. You have the right to sue the recovery agent in the event that he does this.
A recovery agent is not permitted to infringe upon your personal space, as per RBI regulations. In other words, the third party is not permitted to talk about the loan with your coworkers, friends, or family. You have the right to sue the recovery agent in the event that he does this.
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