189+ Lawyers are online 
What can be done when bank pressurizing to pay loan in less time
13-Jul-2023 (In Banking / Finance Law)
We have taken a cash credit of 15,00,000 from bank, we are paying monthly installments, but as our income is less we could only pay the interest of the amount , hence the principle remains the same. We have received a bank notice to pay out the entire amount in 2 months. We are unable to pay the entire amount but we can pay out the amount in installments if bank does not take interest. We are unable to pay amount with interest, we have paid the same since last 2 years but loan amount stands the same. Please advice if there is any legal way to over come this problem?
it is the right of the bank to cal for the entire amount since you have defaulted to pay the installment for continuous 3 months and your account is declared as NPA.
you can write a letter to the bank for waiving of some interest component or to restructure the loan installment , though it is strictly the discretion of the bank but write a letter to the bank and its zonal head office and see some favors come in.
also you can approach look adalat for some interest belief and meanwhile reply to each and every notice the bank sends that way you will get time to arrange funds and bank might restructure your loan installments
you can write a letter to the bank for waiving of some interest component or to restructure the loan installment , though it is strictly the discretion of the bank but write a letter to the bank and its zonal head office and see some favors come in.
also you can approach look adalat for some interest belief and meanwhile reply to each and every notice the bank sends that way you will get time to arrange funds and bank might restructure your loan installments
Helpful?
Adv. Pratik Duhan
Panipat | 100+ Answers
CONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Banking / Finance lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
