I and my husband had taken loan of 1 lakh rupees each from a bank 2 years back. The loan was being repaid in monthly installment. But last year due to complete Lockdown and no source of income, the loan was pending.
Out of 2 lakh only 61000 is pending.
My husband expired 3 months back. Now I am left completely helpless with my two children. I am a housewife and have no source of income.
I have mentioned all this in a letter to the bank and asked them to waive off the balance amount. But they are not giving me any reply in writing.
I further asked the bank manager to atleast waive off interest on the balance loan amount so that I could pay the balance in installment. The manager said that interest cannot be waived off.
Now I would like to know what drastic steps can the bank take against me in this case ?
What should I do to avoid legal hassles ?
You shall pay the amount (at least more than half of the instalment) in instalments to avoid legal complications. If you have not paid the amount regularly bank will take necessary action and the guarantors/surities will also suffer because of you.
