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Took loan cant pay the EMI legal solution to get rid of loan
18-Feb-2023 (In Recovery Law)
I took education loan from syndicate bank for Rs 300000 in 2007. Till now I have paid 565000, now due to some financial difficulties I am unable to pay my emi and now I don't want to pay any amount to bank. So is there any way o can get rid of this loan.
ANy loan liability that has been taken has to be completed it is suggested that as you have already paid almost 265000 extra in form of interest . check how much principal is balance and negotiate with bank to foreclose your loan.
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Adv. Atulay Nehra
Noida | 200+ Answers
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no there is no way. it is settled law that loan amount is public money and if any one has taken any loan from any bank or financial institution he has duty bound to repay the loan amount and if he defaulted than bank has right to recover his unpaid amount from the property of borrower buy way of auction and other things. it is therefore suggested talk the bank for OTS settlement.
Helpful?
25+
25+
Dr. Azhar Ikram
Lucknow | 25+ Answers
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