Took a personal loan from Bajaj finance unable to pay it back

Dear Sir, I have personal loan from Bajaj Finance of amt 290000/- I have paid 27 emi of amt 6862/- per month. Due to financial crisis I have missed the 6 emi, now I have received legal notice from advocate of Bajaj Finance to pay Rs 433000/- & ask to attend to me & my company 'at pune on 7th April 18. Please help can I appeal in delhi mediation center to settle the dues.

Answers (2)

82 votes

First of all reply to the legal notice that you have received . Usually a arbitrator would be appointed who would deal the case but u can approac mediation centre as that way you will get time to arrnage payment and bank would be aware so advrse order can be prevented by arbitrator .

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263 votes

See terms and conditions mentioned in the Loan agreement. Penalty for late EMI,interest Rs. etc.
I suggest you to contact an Advocate who can see agreement terms and conditions and then suggest you appropriate remedies .
Ask bajaj finance Advocate to provide detail about amount you have to pay I.e. 433000/- how they calculate this amount. I little bit doubt that they have mistakenly send you notice of excess amount.
I could suggest you better if you can send legal notice copy to me and all details of your Loan

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