Unpaid personal loan abroad
Querist :
Anonymous
(Querist) 09 February 2011
This query is : Resolved
Hi this is for an aquaintance. He was working abroad and had taken a personal loan there. Since he subsequently lost his job and was sent back, the loan he had taken has not been repaid. Now the bank has traced his address in India and contacted him through a recovery agency. He is willing to co-operate but at the moment has no money to repay as he is still jobless. What are the various legal options before him? What actions can be taken by the bank? Expecting an early reply. Thank you very much in advance.
Parveen Kr. Aggarwal
(Expert) 10 February 2011
The bank can reschedule the repayment of the loan amount. In case the repayment of the loan amount is not re-scheduled, the bank may either file a suit for recovery or may realise the property mortgaged/charged as security for repayment of the loan amount.
