Loans against nsc bonds
Shanky
(Querist) 27 August 2014
This query is : Resolved
Hi ,
I'm in urgent need of an expert, I\ve received a legal notice from an attorney representing UBI , for the defaulted loan taken against the NSC/ KVP bonds .
now i have submitted a written response for my hardship and previously i plead to the branch manager of UBI to stop the interest , as the bonds are suppose to get matured next year in august then the bank can recover double the amount that was loaned to us .
loan amount : Rs 1.5 lacs in 4 individual a/c's
present OB : Rs 3.5 lacs approx
Bonds Maturity amount : Rs 3 lacs on aug 2015.
I seriously do not have the capabilities to pay back as i'm the only earning menber in a family of 4 .
Please help
Kumar Doab
(Expert) 27 August 2014
It is secured loan.
The bank won't stop the interest.
If you are not able to handle the matter on your own, bank does not reschedule...................take the help of local lawyer handling bank/consumer matters.
Hope you shall take it in positive spirit.
If you don't have capacity to repay don't borrow.
Rajendra K Goyal
(Expert) 27 August 2014
Bank has given loan on NSC/KVP and on maturity date it would claim the proceeds to adjust the loan outstanding. You can write to the Bank accordingly. Bank would not stop charging interest.
Sudhir Kumar, Advocate
(Expert) 27 August 2014
not clear what do you mean
one side you say it is defrauded oan and on other side you are willing to pay the loan on maturity of NSC.
please be clear :-
(i) whether you took loan.
(ii) whether NSC belonged to you.
(iii) whether loan was beyond capacity
(iv) whether there is default.
(v) when was loan taken
(vi) when default started.
(vii) what was purpose of loan.
(viii) what is loan amount
(ix) what is EMI
(x) what is duration of loan
(xi) what is NCS maturity
(xii) what is the interest and unpaid balance
Shanky
(Querist) 31 August 2014
Hi ,
Thanks for your responses ,
hence here are few more details that i missed previously.
The loan was taken 7+ years ago , there were a total of 4 loans a/c (Me , my mom , my sis and my brother ) against NSC (with post office) total loan amount :Rs 1.5 lacs ,
the bonds original value at the time of taking the loan was Rs 1.5 lacs after maturity it going to be Rs 3 Lacs that's next year,
We defaulted on the payments was 6 years ago ago, that was the last time we made the payments,
the term of the loan is 7.3 years, dec 2014 we'll complete 7 years ,
currently the outstanding balance including all 4 a/c is rs 3.5 lacs ,
I hope these info helps to understand a solution @Sudhir Kumar , Please let me know what i should do and what are the consequences that really can happen,
Regards
