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(Guest)

Cgtmse loan default

Hello Sir,

I have taken CC Loan from State bank of India of Rs 20 Lacs under CGTMSE scheme of 100% Collateral .My account renewal date is in March 2015. I have paid all the interest part till now with healthy transactions.But I will not be able to reach my submitted projected turnover by March 2015 since some projects are under pipeline and most probably it will be approved after march. 

As i will not be able to meet the target turnover and can reduce the limit absorbed only by 10 Lacs against 20 Lacs. I want to know the repercussions of the same.How it will be treated by the bank?



Learning

 2 Replies

Gautam Mittal (Partner)     09 December 2014

First see, limits are assessed taking certain parameters and projections. But the actual circumstances may differ which results in these kind of situations. The only thing to be kept in mind is that you should be fair in your dealing with the bank and make the bank understand your actual problems being faced by you. And everthing shall be sorted out tactfully.

c.p.s. ramachary (1500)     10 December 2014

I think that Mr.Goutham Mittal has rightly advised you. Please follow the same in letter and spirit. Do not supress any material facts which may amount to suggestion of falsehood (suppressio veri suggestio falsi) and the relationship with the banker must be maintained in good spirits


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