theertha kumar (propriter) 13 February 2015

bank not accepting ots

Dear sir we have taken a construction equipment loan in Hdfc bank rs 1520000 and value of the machine is 2270000 we paid down payment of 750000 and emi 51000 for 35months But in heavy competition we only paid 6emis after 3months bank seized the machine and sold it for 900000 Now they are demanding another 700000 rs as a shortfall we have in huge loss can we fight in civil court for low price sale or what how can we settle it pls reply thanks regards

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4 Replies

Mohammed Ameenuddin (Sr. Legal Manager) 14 February 2015

Please refer to the loan agreement signed between you and bank, you need to comply the terms agreed in the agreement for recovery of payment.

theertha kumar (propriter) 14 February 2015

We have signed every thing they asked but can civil court help us for ambicale settlement actual principle amount balance is 390000 can we pray for this principle amount to we pay pls help us

theertha kumar (propriter) 14 February 2015

And also we checked the cibil as per cibil account closed and status has been updated as settled and account balance overdue become zero bank employee told that it has been closed and written off after written off can they add interest Kindly reply