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Not able to pay bank loan what can i do


22-May-2023 (In Recovery Law)
hello, my father had taken a bank overdraft of Rs 6L around 10 years back from ICICI bank. Everything was going good but from last two years my father's business saw a decline and we were not in position to pay the bank the interest amount but because of there continuous pressure and threat that they'll put behind the bars, we kept on taking informal loans to pay the interest but now we don't have any resources to pay neither home, bank balance or any asset. We're in big trouble can anyone help us.
Answers (1)

Answer #1
159 votes
In case you have take loan, then you are bound to pay back the amount. You can approach the bank, the bank can provide you with better payment options. The bank cannot take illegal means to recover the amount. In case of any illegal means adopted by bank, you can make police complaint regarding that. 

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