Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Personal loan from icici for 1 lakh

(Querist) 12 February 2013 This query is : Resolved 
Dear Team,

I have taken a personal loan from ICICI bank for 1 lakh in 2007 with repayment option of 3 years.

I paid EMI for a year and then was unable to do the same do to poor financial situation and parent's medical condition.

In between I have contact ICICI customer service over e-mail that I need to go for settlement, but didnt receive any response from them regarding the same.

In between the bank have been contacting my other family members, friends, etc to started harassing everyone over phone.

Now I contacted them again for settlement and they fist said I need to pay 1,65,000.00 in one shot. Then when I said I can't make payment for this huge amount, they said it can be 1,42,000.00. Then I told them the settlement amount is half of remaining liabilities towards the bank. Then they said I need to pay 1,01,000.00 plus few thousands more as some charges.

I need help in understanding exactly how much can be the settlement amount and also I need them in EMIs to which they are not agreeing. Please advice me on this.

Thank you!
Raj Kumar Makkad (Expert) 12 February 2013
There is no set formula for such matters as this all depends upon the bank to decide. Negotiate with the banker as much as you can but ith the mentality to make one time settlement after full bargINING.
Aiswarya (Querist) 12 February 2013
Dear Sir,

I would like to thank you for your immediate response to my query. Please assist me in understanding the consequences for delay in making the settlement.

Thank you!
R.K Nanda (Expert) 12 February 2013
if u delay to pay settlement amount then bank

can file recovery suit in court against you.
ajay sethi (Expert) 12 February 2013
rs 1 lakh is reasonable amount against liabilty of rs 1,65,000. ask for 10 equated monthly installments to pay said amount
R.K Nanda (Expert) 12 February 2013
agree with Sethi.
Dr J C Vashista (Expert) 13 February 2013
I agree with Mr. Sethi
Raj Kumar Makkad (Expert) 13 February 2013
Bank can be got negotiated to bring down its demanded amount to the extent of Rs. 80,000/- to be payable in a single installment.


You need to be the querist or approved LAWyersclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :