Caught in Debt of of PMRY LOAN.
Querist :
Anonymous
(Querist) 04 June 2010
This query is : Resolved
sir, I have taken pmry loan from SBI. Now, I am not enable to repay the Loan amount. In the long duration I have paid some interest to the bank. Now, It is not possible for me to pay the interest and also the principal amount.
What i can do ? please help any body who knows the banking rules and practice.
Raj Kumar Makkad
(Expert) 04 June 2010
In these circumstances, Bank can take your properties in possession and can try to recover its arrears within the framework of law.
A V Vishal
(Expert) 04 June 2010
The loan cannot be waived off, except that it can be rescheduled. Approach the bank and settle the issue else you will lose creditworthiness and no bank/financial institution will lend money to you in future since the data of loan defaulters is shared between banks thru CIBIL.
adv. rajeev ( rajoo )
(Expert) 04 June 2010
try to repay the loan other wise bank will recover it. Bank may file a suit for recovery of money.
If you are unable to pay the bank loan then go for insolvency case. Contact the lawyer to know more about the insolvency case.
N.K.Assumi
(Expert) 05 June 2010
Bur Rajeev, is it worth declaring as an Insolvent?
Uma parameswaran
(Expert) 06 June 2010
If the bank is approaching you, then give a detail letter about your present position.In the mean while find out a job . What ever may be you are duty bound to repay the loan amount.
Parthasarathi Loganathan
(Expert) 09 June 2010
Mr.Anonymous is silent regarding the loan availed, purpose of loan, whether assets were created out of loan proceeds, failure of business, his repayment commitments to SBI,etc. As suggested by our expert (Uma), it is better to apprise all the facts in detail to SBI and get the loan rephased. Since PMRY loan carries subsidy which must be kept as deposit by the bank, the loan can very well be regularized. But have the right intention to repay the loan through income generation from legitimate business and raise your credibility and credit worthiness.
