Personal Loan

Querist : Anonymous (Querist) 03 February 2010 This query is : Resolved
Sir, I am running a business on a small level. In Dec.2007, I had availed few loans from different banks Rs.3 lacs (with EMI 9500/- approx) & Rs.2.5 lacs (with EMI 6000/- approx). In 2008, I paid my EMIs regularly. But last year, I could not pay my EMIs regularly due to heavy loss in business. My business is not in a condition, bcoz of that I unable to fulfill my commitments.

Yesterday, I received a call from Bank/Recovery Agent that they have arrest warrant against me and shud pay entire amount or face the consequences. I told him about my current situation but he expressed his helplessness in this regard and told me pay the entire amount. Entire amount is possible in this current situation, even last year I had to sell my wife's jewellery and deposit the few of the EMIs in the hope that maybe my business condition will improve, but it does not look so. I dont have any property or asset to sell else I would have done that and returned the amount of the bank.

I am not a criminal and sincerely want to pay the money, which I availed from the bank. To fulfill my commitments, I am even trying to get a decent job but becoz of my low qualification, I am not getting job offers more than Rs.8000/- salary. I really need is some time, until I get a decent job. And even if I get a job, I can't pay the same EMI Rs.9500 + Rs.6000/- when I will be getting Rs.8000/- a month. I dont know, what should I do?

Is it possible for the Bank/Court to lower the EMI or instead take the installment quaterly which I could easily pay.

Can someone please guide me in this regard?

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Raj Kumar Makkad (Expert) 03 February 2010
Keeping in view the facts of your current situation, you should personally meet the higher officials of the bank and should pray before them to help you in the current situation. I hope a favourable attitude may be adopted towards you. Courts can do nothing in such situation.

Mukul Aggarwal (Expert) 03 February 2010
you should not worry if your intention is good. Bank Recovery Agents normally threats the defaulter that they have the arrest warrant and pressurize to settle the matter. you can go to bank and settle the matter..

B K Raghavendra Rao (Expert) 03 February 2010
Bank recovery agent is just threatening you. He could not have an arrest warrant in the civil matters.

The problem you are facing is purely a personal problem between and the bank. Amount is heavy. Banks would not wait long for proceeding legally against you. I think, court case is inevitable. In the court, you may plead for reconstructed EMI scheme to suit your repayment capacity. The banks would normally consider it on the basis of - something is better than nothing.