Adjustment of loan after npa

Dear Friend,

Even after the Bank issues News Paper Notification for auction, you may file representation before the Authorized Officer for settlement of loan or reschedule of loan amount. It is left to the discretion of Bank for accepting your offer. However the Bank will consider you on merits and allow rebate of interest if your pay the amount on or before the sale date.

Yours 

Rsksingh

Hello

My parents had made a limit from canara bank for our shop in year 2000. Its principal amount was 90,000 (on my mother) and 1,48,000(on my father)....and my parents had given 4 FDRs of total 75000 which became 1,03,000. Bank splitted these FDRs into one FDR of 75000 and remaining 27000 in form of interest of limit.

Now that 75000 FDR has become around 1 lakh and bank has filed two cases ( my father and mother) in Permanent lok adalat for recovery of limits of 3,60,000 but its principal amount is 2,38,000.

We have given FDR of around 1 lakh to bank......and now bank demand around 70,000 to 80,000.

Our shop is closed since 2006....for 8 years......because my father has become mentally disturbed....and my mother has a cancer infection and I am not in condition to pay the amount which bank demands.

Please help me.....how to talk to bank manager.

and can this be settled in 25,000 to 30,000.

Hello,

 You have to pay the principal amount your FDR amount will be adjusted towards the principal amount. The Lok Adalat is liberal in granting weaver of interest amount on humanitarian grounds. Since your loan amount is not covered by any other security it will be difficult for the Bank to enforce the final decree on you It is left to you to pay the principal amount or seek time by pleading before the Lok Adalat. You can discuss the matter with BANK AND FIND SOLUTION. You are placed in better position compared to Bank.The Bank has powers to weaver Interest and weaving of principal amount is extreme bad conditions of you and family . It is left to Bank.

Yours 

Rsksingh