Does bank got right to collect property of Personal loan borrower

I got a personal loan from one of private bank. I got few pendencies in my EMI but I am paying it in each month end. Even I have paid on last month also. With the same bank I got credit card liability as well. Due to some unavoidable circumstances and I am not able to pay them pending amount. Now i have a filled a police complaint against the officers who often abuse me. Now after police complain Bank is threatening me that they are going for arbitration under which they can collect my properties. Can bank do this? If yes, what is require to ask if they come to my place to collect my properties. I don't have anything on my name. All assets and properties are on my mother's (fridge, Tv etc) name

Answers (2)

345 votes

Dear Client,
If bank has stated that they are going to initiate arbitration, you will receive the notice from arbitrator. Once you receive the first notice, get back to lawrato team, we will support you defend the case.

Only after arbitration case is decided, execution case is filed and after execution, your property will come in picture.

So if you defend your case strongly before Arbitrator, you have fair change to put your word before the court of law.

Expert Jurist LLP

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110 votes

Don't worry, these ups and down happens in life. You have to be steady. In your case if you were fails to pay some EMI and now paying all regularly, you don't have to worry about it. Your banker is only concern about outstanding EMI's. If your banker is not co-operating you, then you can change the Bank. You can apply for balance transfer loan to any other bank and get it transfer and fixed the terms conditions, EMI suitable to you at present situation. Secondly about Arbitration, it dosen't happen one sided. You will get notice to appear before authority and put your say. Don't worry take proper legal advice from qualified and experienced legal adviser nearby to you.

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