Subba Reddy (Manager - Contracts) 17 March 2010

Personal Loan at Overseas

Dear LAWYER's,

I took a Salary transfer loan from a bank in Dubai when i was working in Gulf and I paid EMI's regularly...unfortunatley i lost the job during recession in September 2009...End of service benefits also transferred to the bank by my Employer....after that I left Dubai and staying in INDIA...... I have some EMI's pending with the bank.....

will they proceed legally???? while taking the loan, i have signed few post dated cheque's generated by bank...

Now i am not in a position to repay the full amount to bank .....what will be the consequences?? How can i avoid facing the legal issues....please advice..

Thanking you in advance...

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4 Replies

N RAMESH. (Advocate Chennai. Formerly Civil Judge. Mobile.09444261613) 17 March 2010

You have liability to repay the amount.

Talk to the bank in india and explain them about your predicament and seek further time for payment in instalment.

Subba Reddy (Manager - Contracts) 17 March 2010

Dear Sir,

when i asked the bank to give some time, they replied to me that, we can't give time..we will be proceeding legally.....

Since the bank is in Dubai..how they will proceed legally against me??

Parthasarathi Loganathan (Advocate) 17 March 2010

I recall to have answered your same query posted earlier. Please check up

bhagwat patil (Property due diligence 9422773303) 24 March 2010

IF IT IS INDIAN NATIONILSED BANK U MAY TAKE THE HELP RBI THE OFFICE IS AT BANDRA KURLA COMLEX MUMBAI .OR SURF RBI SITE. FOR A BONAFIEDAND HONEST BORROWERS FOR THEIR DEFOULS THERE IS ADVISISRY BRANCH IN RBI