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Legal concern regarding nonpayment of EMIs against person loan
31-Jul-2023 (In Banking / Finance Law)
I had Kotak bank personal loan , Taken in 2016 paid till May 2017 ECS but due to unemployment I started to pay irregular 1 emi , but now I can’t afford to pay emi , bank guy saying that I have 4 emis pending , if non payment leads to section 17( taking of movable property ) , kindly suggest as I can pay only after 3 months
Hi,
Personal loans are based on your salary and employment. No need of property security for personal loans.
If you have 4 emi's pending , pay at least 1 emi. You may contact the branch manager of kotak bank and explain your situation. Ask him for time with valid reason. Explain him about your source of income for next emi payments.
You are not mentioned the loan amount and your property details. Section 17 or other sections are applicable at the time of court proceedings if you are a willfull defaulter or defaulter. Don't worry now. Go and contact the branch manager.
Have a nice day .good luck.
Personal loans are based on your salary and employment. No need of property security for personal loans.
If you have 4 emi's pending , pay at least 1 emi. You may contact the branch manager of kotak bank and explain your situation. Ask him for time with valid reason. Explain him about your source of income for next emi payments.
You are not mentioned the loan amount and your property details. Section 17 or other sections are applicable at the time of court proceedings if you are a willfull defaulter or defaulter. Don't worry now. Go and contact the branch manager.
Have a nice day .good luck.
Helpful?
16+
16+
Adv. Syam Charan Godi
Hyderabad | 100+ Answers
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No. It is not correct. If you are ready to pay the pending EMIs or to settle on one time settlement, they have to give you a chance. Further they have to issue a notice to you for filing of a suit against you for recovery of money and then you can contest the case stating that you are ready to pay the EMIs and regularize the same. It depends on the pleadings of the lawyer on your behalf.
Helpful?
10+
10+
Adv. Goturu Krishna Rao
Hyderabad | 100+ Answers
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