Personal Loan Demand legal Notice

Verify the calculation of interest amount for the default period, and if it is correct you will have to pay it. At the most you can pay a part amount and plead for extension of time oimit to repay.

you have every right ask  the bank manger how the bank  arrived the figure and you can ask for settle the matter under one time settlement scheme. if the bank manger failed to explain properly you can appraoch higher officially or you can remit the amount according to you is right figure and then demand for closer certificate by addressing cover letter.

If you are certain about your credentials ..

Reach Reserve Bank's Banking Ombudsman ..

You can even file a Complain  online . Reach RBI's web site:

www.rbi.org.in

if not satisfied by Banking Ombudsman's judgement you can reach civil courts for resolution ..

All the Best ..

Don't worry. Usually banks adopt this technique of threatening with legal action.

Of course court will ask you to pay if you are liable - but you can expect a reasonable amount of time for repayment.

If you default, bank will file money suit.