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Unable to pay loan What action can be taken
19-Jul-2023 (In Banking / Finance Law)
I had taken a Salaried Personal Loan in 2014 of 8 Lakhs. I lost job in August 2015. Till March 2016 I paid the EMI regularly. However, after that I am unable to pay the EMI. Now the bank is putting pressure to continue the EMI. What legal action they can take against me and what legal remedies I have. Regards Rajesh
You are bound to pay back the loan that you took from the bank. If you fail to pay back the loan amount, the bank will recover back the loan amount from the mortgaged property. You can request the bank to provide you with a better payment options according to your financial position. Approach financier and talk to him. Explain your situation and try to re-negotiate the repayment schedule. It will be expensive for both financier and you if he goes to court to recover dues. In the interest of both parties, to settle the issue.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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