What legal action bank can take for non payment of loan

I have a personal loan of 10 lacs in HDFC taken last year in June, due to change in job, reduction in salary and medical emergencies in family, I'm unable to pay the EMI of 22900.00, I've asked bank to restructure the loan, they have denied my request, I have asked bank to allow me time (atleast 1 year) to recover financially, I missed 6 EMI's till now, now they are stating that they will take legal action and put me in jail, I told them that what would they get if they put me in jail? I asked them to allow me 2-3 years to clear all dues, I told them that I will pay every penny, but in the current situation I'm unable to arrange the money, does the bank can really put me in jail?? Though I have all the intention to pay, if they are taking legal action against me, does court will listen to my side of story and allow me time to pay the amount?

Answers (2)

53 votes

The court will definitely listen to you, you have intended to repay the outstanding loan amount but if denying is happen then court will think on other alternates, be prepared for a legal notice from a bank and try to have the request from you to bank in a written document proofs, nothing to worry all goes good, try to document it everything.

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129 votes

Bank will not give you long time for personal loans. If you have 6 emi pending , pay at least 1 emi. Bank not allowed to pay after 2,3 years. So, first pay something for not proceeding legal action. Bank have full rights against you to file a case any time.
Pay something and ask the credit manager for time. Contact the credit manager or branch manager and explain your situation. Have a nice day.good luck.

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