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Took loan but could not return it because of poor health any remedy?
25-Jan-2023 (In Recovery Law)
I was taken a loan from the Bank. They sanctioned the loan without any surety the loan amount is Nine Lack rupees, to buy a new innova vehicle for travel purpose. The time duration is 5yrs period.The final year will complete Feb-2016, from first 3yrs iam paying INTEREST+DUE AMOUNT i.e 20,000 /- per/months, but suddenly I was hospitalized because of peralasysis problem. Iam on bed around one year. In that case iam not paying EMIs regularly.i want to close the loan, I approach the bank manager but the manger was not giving that much of chance to us he is saying that we claim a case against you.
saying poor health to get waive of EMI's are not gonna help.
Banker may try to recover your vehicle else they can complain against you in police station.
By Parallel, they can initiate civil recovery suit against you.
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