Grace period according to SARFAESI ACT

Ramakrishna (Querist) 29 December 2017 This query is : Resolved
A man bought a tractor on finance , the company sanctioned loan on 31-12-2015. Debtor should pay yearly twice the EMI instalment i.e 6months period for each instalment. But the finance company torturing the debtor by asking EMI before due date. Actually they have to ask EMI 1st july and 1st jan of every year. But they ask one month before.
My question is " can they ask EMI before due date? and Is there any Grace Period for every EMI if yes how many days Grace Period?

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Sankaranarayanan (Expert) 29 December 2017
how you related to this query? If the person not a defaulter of repayment then why he worry about all, simply ignore the calls and report to the concerned officer of the company

P. Venu (Expert) 30 December 2017
The query suggests confused facts. What is the relevance of SAFAESI Act?

Kumar Doab (Expert) 30 December 2017
Record all calls.
During the call ask who the caller is and why the caller is asking to pay before due date.
Check T&C in your copy of loan agreement, loan statement and if you are not at fault then write under proper acknowledgment to lender, raise your queries, cite reference of phone calls and ask to reply in writing.
Keep your record up-to-date.

Dr J C Vashista (Expert) 01 January 2018
Vague query with hypothecated statement.

Kumar Doab (Expert) 02 January 2018
Act properly and build some irrefutable record in your favor.
Transact in writing under proper acknowledgment and record.

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