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Not able to pay loan.what to do?


26-Aug-2023 (In Recovery Law)

Taken loan underPMRY for machinery n euipment.got heavy loses so closed bussiness due to money crises.also called all prb to bnk officials bt no one care,now they file debt recovry suit against me.what to do now as m still unemployed nt hv anythng to pay.i already paid 1 lakh for loan sanction n approx 2 lakh as instlmnt before bussiness close. Loan 9 lakh 3 yrs ago. Plz guide. Bnk has only right to seal manchinery or do anything against me or family

Answers (2)

Answer #1
803 votes
the loan is for machinery and you paid approx 3 lakh in total, and remaining 6 lakh for that bank file an debt recovery, and you don't have any source of income due to loss in business and you are not working as well according to your question because you are unemployed. in that you should go with your case by saying that i am ready to make payment to the bank but for that i want some time in that regard court ask you how much time you need you can say. if you are not able to do that so you try to make some arrangement, and much more what agreement you have signed.
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Advocate Sandeep Singh

Adv. Sandeep Singh

LawRato Delhi | 25+ Answers
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Answer #2
718 votes
Hi. Repayment of loan must be ones first priority as it helps u to maintain ur cibil score as well and keep u entitled for loans at any stage. Further if u r not able to pay ur existing loan thenthe bank has the right to act according to the loan agreement which may include criminal and civil prosecution and also seizure of machinery.
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Advocate Gurmeet Singh

Adv. Gurmeet Singh

LawRatoDehradun | 25+ Answers
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