Unpaid EMIs for personal loan

Prasad N Patil (Querist) 17 September 2010 This query is : Resolved
Dear Sir,
I had borrowed a personal loan from ICICI,since last two months i was unable to pay the said EMI amt.The collection executives are continusly harrassing me.
I am ready to pay the amt,but require some time.Pl guide me what to do.
Prasad Patil
Mumbai.

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Chanchal Nag Chowdhury (Expert) 17 September 2010
Contact the Recovery section of the Bank & ask them to reschedule the loan.
If this fails, approach the court & complain of harassment. By this U may gain some time as well save yourself from harassment. Also try to find loopholes in their interest calculation. If U correctly analyse it U will find mistakes. Take the help of an Accountant, if necessary.This will strengthen your case in court.

Daksh (Expert) 17 September 2010
Dear Mr.Prasad N Patil,

Your relationship with the bank is governed through the terms and covenants of the loan agreement. In case of delay in remitting the EMI the penal clause comes in the play. You should go and represent to the bank in writing about the practical difficulty/reasons of not being able to discharge your liability requesting enlargement of time.

For the problem by harassment by collection executives lodge a complaint with Ombudsmen.

Best Regards

Daksh

M/s. Y-not legal services (Expert) 17 September 2010
sent a legal notice to your banker for stop their harassment.. if its continue mean subsequently you can take further steps.. even you can file a consumer complaint also..

Parthasarathi Loganathan (Expert) 17 September 2010
That is the true picture of all Private sector and multinational banks in this country. The only practical solution I suggest is, If the author has some gold ornaments, then raise a jewel loan from any nationalised banks by pledging the jewels. and clear the dues. You can pay the loan by reasonable instalments determined by the bank officials. These gold loans are very cheap in the industry and attracts no penal interest.