Naveen 10 September 2019
Archana Pandey 12 January 2022
Since personal loan contract is a legally binding document regardless of whether the lender is a financial institution or another person. The consequences are the same if you default on the contract. As a borrower, you could be sued by the lender or lose the asset or assets used to secure the loan. And you have accepted that agreement and it's terms and conditions as well.