My family has taken simple mortage loan from OBC india as Kisan credit card under two schemes one is crop loan and other is Dairy loan.Due to natural calamaties and crop failurtes my family has failed to pay the said installments and their accounts became NP.Now Bank is trying to file an Suit in bank although our repayment time is of period for 7 years where we are in 3 rd year and me made payments until second year but the above said problem we are not able to pay the installements.
Please give some idea how bank can go to file suit although we have repayment time? is it possible that before repayment period bank can file suit due to unpayed installments.If yes How we need to proceed.In court can we ask for period of time tro repay the loan.Please help with this
Thanks
Vamsikrishna
