Personal loan emi pending issue


Hi

I took the personal loan amt 2lakhs from deutchshe bank 3 year back. I could not pay the loan amount last 2yrs due to my financial situation .. Now they called me and asked me to pay the full amount with in a month otherwise they will give arrest warrant against me for pending amount . I told them i m ready to pay after 1or 2 months with 5 installments for full and final settlement. but they are not agree .. Please help me how to resolve this issue .I took the loan from chennai bank

Thanks

Moorhty

 
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Send a legal notice the said bank for settle the matter,you can laso file a petition through Legal Services Authority for settlement in Lokadalat.You can also file an injunction suit against the said bank in civil court.

 
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Advocate

Meet and have a sincere discussion with the top officials of the bank for amicable settlement of the loan dues.  Since bank had waited so long, for recovery, they may be very harsh, unless you remit some substantial amount to show your bonafide interest for settlement.

 
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Advocate

First, Deutshce Bank cannot give arrest warrant against you.  Second this is an issue relating to Civil court, not relating to criminal court unless there is some fraud angle is involved on your part.  Simply not paying loan amount does not become a crime/fraud.  They have to file OS in Civil court and get a decree against you or proceed against you under SARFAESI Act if there is any property given by you as security.  Tell them to go to court.  I am sure they cannot file any criminal case against you if there is no fraud angle involved on your part.

 
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FIN

Learned experts/members have given valuable advice. Kindly follow it.

The bank shall get less in settlement, hence the pressure tactics to recover principle amount with interest and penalties.

You should approach the bank and explain yourself, and obtain best settlement plan, asap.

Bank can approach civil court/Lok adalat.

 
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advocate

Repayment of loan is a civil liability and as such no court can issue arrest warrant.

If you have given them a cheque and if it has been returned unpaid then the bank can proceed against you in sec.138 of NI act. But dont worry nothing drastic will happen

If you have an queries you can conatact me on 09849104235, I an an advocate based in Hyderabad

 
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