Regarding Personal Loan Default. How to do settlement?

I have taken a personal loan of Rs 10 lacs each from HDFC,ICICI and Citi Bank. But I am not able to pay the same:- 1) Does the banks always gives the option of settlement ,before taking any civil or legal action? 2) Is it possible to settle all my personal loan @ 50% of principle amount, if negotiated well? 3) Third and the most important, Can banks get in touch with my company HR and get my all personal details? Even though I am always reachable on my phone .Can my company fire me because of this?


Yes, banks always gives an option to settle, if you are unable to pay the money.

You will have to take a stand that you cannot pay the money due to insufficient of fund.

As per the RBI rules, bank cannot harass the customer or contact the HR. In case they do the same you can always complaint to RBI

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