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Unpaid personal loan
14-Jun-2023 (In Criminal Law)
I lost my job in in may 2015 and had to return to India in Nov 2015. I have a personal loan of Ra 40 lacs from a Dubai bank. Now I do not have the money to repay the instalments for the loan. But will pay as and when I have a suitable job. My question is what can the ban do to proscecute me in India.
Bank will not prosecute you if you approach the bank and explain the entire situation and ask for more time. If you don't approach a bank voluntary the relationship might turn soar and it can declare you bank corrupt and seize your existing assets or if you have given any guarantor name than bank will approach them too. Otherwise it is advisable to approach for loan payment extension.
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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