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Hdfc personal loan default due to unknown circumstances
12-Jun-2023 (In Banking / Finance Law)
Hi
I have taken a loan of 1052000 from hdfc bank in 2017 and made 20 payments of 23026 until Jan 2019...i lost my job in june 2018 due to health issues.i recently received a call from hdfc to settle the loan for 264000 .With my present condition I asked them to give me a monthly installment plan or accept rs 200000 as a one time settlement. Hdfc has declined both the offers and say they are going to file a case in drt and that they will attach my mother's property to recover their dues .KIndly guide me with what I should do next.
hi
in this it is important to know that whether the loan is secured or not
if your property is mortgaged then only bank can attach and sale or for the purpose of recovery otherwise they can come claim before DRT wherein they will rely upon agreements and other documents for recovery
in this it is important to know that whether the loan is secured or not
if your property is mortgaged then only bank can attach and sale or for the purpose of recovery otherwise they can come claim before DRT wherein they will rely upon agreements and other documents for recovery
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Adv. Rohit Shaligram
Pune | 500+ Answers
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How serious is cheque bounce case?
In India, a cheque bounce is a crime. Its covered by Section 138 in the Negotiable Instruments act of 1881. If a complaint has been filed and the court finds the defaulter guilty, they can be punished by a two-year prison sentence and/or fines that can reach twice the amount of the cheque.
What happens if personal loan EMI is not paid?
If the borrower fails to repay their personal loan within 90 days, it will be considered a non-performing assets. The lender can take legal action against the borrower if the loan isnt repaid after 180 days. Section 138 from the Negotiable Instruments act 1881 gives them this right. 22-May-2023
What will happen if a personal loan from EMI bounces?
Raising the amount payable
A penalty is assessed for each missed EMI. This can be anywhere between 2 and 3 percent of the amount missed. The penalty is calculated on a month-to-month basis. The interest penalty increases the amount due at the end of your loan term if you keep missing EMIs. 03-Jan-2023
Can we get loan after cheque bounce?
A bounced check will not directly affect your CIBIL rating. It may, however, indirectly cause your CIBIL to go down. For Indian Home Loans, lenders require borrowers to meet a CIBIL Score of at least 750. 06-Jun-2023
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