Loan from ICICI
shreevanii C
(Querist) 14 April 2011
This query is : Resolved
I have taken Personal loan from ICICI bank and that money is completly transferred to my friend through online.This all happened three years back.Now I am not in a position to Pay EMI so i asked my friend to return my money or pay EMIs. But he declined everything. Can i take any action on him?
Will the online account transfer statement will be valid?
shreevanii C
(Querist) 14 April 2011
Thanks bhagwat.
Can you please let me know what kind of actions can i take on him?
Can i consult Bank people with my problem. Will there be any help from them?
Parveen Kr. Aggarwal
(Expert) 14 April 2011
You can serve a legal notice on your friend calling upon him to repay the amount.
R.Ramachandran
(Expert) 14 April 2011
Dear Mr. Bhagat and Mr. Praveen,
I understand that the Querist Shreevanii obtained loan from ICICI. ICICI after granting the loan credited the loan amount in Shreevanii's account.
Thereafter, Shreevanii to oblige the friend's request for loan, gave the money through online. (It is not ICICI which made the payment to the friend of Shreevanii through 'online'.) Thus, there is no privity of contract between ICICI Bank and friend of Shreevanii. The contract is only between ICICI and Shreevanii.
If Shreevanii has transferred the funds by 'online' to the friend (probably without any document / promissory note etc.) and now the friend refuses to either repay the loan or to remit the EMI, the question is what Shreevani can do to get the money back from the friend.
The answer by Mr. Bhagwat that "yes it is valid" could only be to the extent that the "online" transaction is valid. The answer "yes it is valid" cannot be to any other use.
Suppose the friend ignores the Legal Notice or replies to the notice that he does not owe anything to Shreevanii or that whatever money was given through 'online' was repayment of loan taken by Shreevanii, what course of action
is left to Shreevanii to recover the money from the friend.
Parveen Kr. Aggarwal
(Expert) 14 April 2011
Dear Mr. Ramachandran,
The queriest has stated that he is not in a position to pay back the loan amount to the ICICI Bank which he obtained as personal loan just to oblige his friend. The intention of the queriest appears to be that he wants to get money from his friend to repay the dues of the bank. In this background, the only option which the queriest has to explore the ways of recovery of the amount from his friend by serving a legal notice on him. In case the friend ignores or replies denying his liability, the querist may avail the remedy available to him at that stage.
What, according to you, could be the course of action for the querist in the facts and circumstances of the case.
R.Ramachandran
(Expert) 14 April 2011
Dear Mr. Parveen,
I appreciate your answer.
Yes, giving legal notice to the friend is only a pressure tactics. If the friend ignores or builds some other story, then the querist will have no option whatsoever to recover the money, since he failed to get any documents / promissory note etc., from his friend.
Raj Kumar Makkad
(Expert) 14 April 2011
I completely agree with Ramachandran ji.
malipeddi jaggarao
(Expert) 15 April 2011
In this case online transfer is a supporting evidence. The queriest has to prove the transfer is a credit given by him to his friend at his request. If this is proved the means of extending credit is online transfer. Mr.Ramachandran and Mr.Makkad's view prevails over.
