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Advice in case unable to pay personal loan
18-May-2023 (In Civil Law)
I took a personal loan from bajaj finance sum of rs.109000/- for 3 years. My emi is 4809/-, I paid my emi of 10 months. The total amt was paid till date 48090/-. But due to loss of job i unable to pay my emi since 2 months. I already told recovery agents give some time i don't have my job, when I'll get back to my job then I'll definitely pay your money. But they can't understand they harassing me every time & threaten me" My advocate will meet your family at your home & we'll go to your office address." So, what can i do????
the bank cannot pressurize you to pay loan as per RBI guideline the recovery needs to be done in a sophisticated manner and not by way of threatening if the bank is trying to threatened you, you can file a police complaint against the bank employees as well as the bank. Simultaneously you can write a letter to banking ombudsman to complaint about the bank and its employees, also write a letter stating that you cannot pay the loan stating the reason and also stating that you will repay once you are financially stable
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Adv. Abhishek Moreshwar Gokhale
Mumbai | 50+ Answers
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As per your query,
If you have availed a personal loan and unable to repay the same in that case, the finance company needs to file recovery proceedings against you and obtain an order for recovery from the concerned authority, only then they are eligible to recover the said amount from you.
If they are harassing you without following the due process of law you can approach the concerned police station and file complaint against the person approaching you to recover the money.
Regards
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Adv. Neelkanth Goswami
Thane | 400+ Answers
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