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Took 15 lakh loan dont have money to pay back bank threatening me
24-Jul-2023 (In Banking / Finance Law)
I have availed Rs 15 Lakh loan from a Nationalised Bank for my small business. There is no collaterals given except Stock and Receivables of my business. I have incurred business loss and closed my business. I don't have now money to repay. What will happen to me now. Bank is threatening me with filing case against me
Sir, Bank can not threaten you for the non payment towards loan. You can file case againt the bank for threatening you. the right of bank is to file a recovery suit against you. You also can issue legal notice to bank asking for more time to repay the loan.
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