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What can be done if not able to repay loan to the bank
18-Jul-2023 (In Banking / Finance Law)
I borrowed a loan of amount Rs 82000/- from Bank under Scheme in the year 2008 to start a business. I started my business in the same year but after two years of struggle to establish it, as being unable to do so, I finally shut it down, as I got involved in several types of debt. To run the day-to-day household expenses I finally joined a private job, and hence was unable to pay back the Dues Loan of the bank. Now, after 10 years passed, from last month from "21/06/2018" Bank has started to harrash me by sending their recovery agent's to my home and threatening me to face several consequences. Right now I'm in a private job and not being able to save any money to pay back the loan. What can I do about this to escape from this situation?
Thanks for contacting me. Based on your query as per RBI guidelines which have statutory flavour and the same is binding on banks bankers are bound to follow the same. Sending recovery agents privately and using torture tactics is strictly prohibited. You may file case against the bank for violation of RBI guidelines and deficiency in service.
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Adv. Bharat Kumar
Bangalore | 25+ Answers
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Hello sir,
As it is public money so you need to repay loan in reasonable time otherwise bank will file case against you for recovery of loan further if bank adopts some illegal way of recovery of loan then you can file case in appropriate consumer forum for deficiency in service.
As it is public money so you need to repay loan in reasonable time otherwise bank will file case against you for recovery of loan further if bank adopts some illegal way of recovery of loan then you can file case in appropriate consumer forum for deficiency in service.
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Adv. Dolley
Ranchi | 25+ Answers
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