non payment of personal loan

Ritesh Chopra (Querist) 25 February 2011 This query is : Resolved
Dear sir

I have taken a personal loan from ICICI bank Amt Rs 2,70,000 of total instalments are 48 out of which I paid 22 & I am not able to pay 5 instalments.I am now in a jobless position.I want to pay the instalments.But My financial position in worse.The bank has sent 2 legal notices at my house of which My mother refused to accept that.Pls guide me how can I move further

Follow Query

Report Abuse

Amit Minocha (Expert) 25 February 2011
they may file a case against you, check from your account if any chqs presented by them , since you have already paid substantial installments, better pay balance as well else they would keep on multiplying the amt

Ritesh Chopra (Querist) 25 February 2011
Dear Sir

Thanks for replying.Pls tell what possible action the bank will take against me in order to recover money from me?Right now My EMI is 7587.Is that possible to make settlement with bank by paying only the principal amt in instalments after getting concession on interest & also on principal amt.No cheques have been presented in my bank

Also tell me if the bank gets non bailable warant from court so what are the legal efeects at that time.Can the police arrest me

Devajyoti Barman (Expert) 25 February 2011
You negotiate with the Bnak which is regular basis waive lot of balance amount to settle its account. The Bank can apart from filing cheue bounce case may fle case for cheating and other offfence.