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John Victor (Staff)     28 May 2015

Personal loan defaulter

Hi My brother had taken a personal loan of 3.2 lakhs in 2014 Sept. He could only pay back about 10 EMI"s ..He lost his Job due to his health issues. Now the bankers are calling him and threatning him to take him to jail. what is the best thing to do now ?



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 2 Replies

Kumar Doab (FIN)     28 May 2015

Best thing to do is :pay the debt.

All in the family can help your brother.

Other options are to negotiate and reshedule the loan and ask for more time.

Record the threats.

NO bank and banker can threat.

 

You may go thru:

 

https://www.lawyersclubindia.com/forum/Harrasment-by-icici-banks-recovery-agents-76271.asp#.UUc5U0pFZ_4

 

N.K.Assumi (Advocate)     28 May 2015

Yes, try to repay the same as it is a Loan. But Bank should not act in such a manner to the extent of lunching criminal case and imprisonment etc, this is as per the guidelinesof RBI.If they harass you in such manner better report to the concern Bank Regional Office of their threatening manner.


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