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Bank EMI not paid for 8 months. received legal notice for loan recall


23-Aug-2023 (In Recovery Law)
I had taken a loan of 7 lac from AXIS bank, and was paying the EMI's on time but due to some financial difficulties I missed paying EMI from past 8 months time. I had mailed the bank official who was handling my case and asked them for settlement amount but they want me to call first before giving me a settlement amount. I clearly stated that i cannot talk as i have some medical complications. Today i received loan recall notice what should i do and how should i reply to that notice.
Answers (1)

Answer #1
522 votes
Greetings for the day, In this situation, you have to send a reply of the notice sent by bank to you and if you are willing to settle then you'll have to mention about the settlement in your reply as well.
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