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extension time for repayment of bank loan
14-Sep-2023 (In Banking / Finance Law)
I have borrowed loan of worth 5lakhs as over draft from a bank, for running a restaurant. As the business was in loss i had to sell the restaurant and now the bank is aware of it and they are forcing me to pay back the borrowed amount in a week's time. Is there a chance where i can negotiate the repayment time of the for a year. Please reply back. Thank you.
Hey! you can try and negotiate with the bank on a good faith basis to grant you an extension of time to repay the overdraft amount. However, please be informed that the bank is under no legal obligation to grant you an extension of time. Further, in order to provide you with better legal advice in this respect, please let me know if the restaurant was mortgaged in favour of the bank in respect of the overdraft facility.
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Adv. Junaid Ahmed
Bangalore | 25+ Answers
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