LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Aftab4u (PVT EMPLOYEE)     18 November 2009

Personal Loans or Painful Loans ??

Dear Sirs ,

Namaste , Require your valuable guidence.

1.Mr.X is the govt employee and Has taken the personal loan from bank before 1year and regularly paying the interest every month.

2.Mr.X Expires 6 months back due the that the account has been kept in hold for future transcations.

3.when Mr.X Family approaches the bank for the payment they told they need to pay the entire amount including interest even though the employee has been expired and no concession will be given to them if they pay one time settelement to bank also.

4.Mr.X Family is in very deep financial crisis and they cant pay the full amount to the bank is there any particular order from RBI or law on which the legal heir can take concession and the interest amount and principal amount can be waived off upto the maximum because the employee has been expired.

5. The bank is adding every month interest from past 6 months even they know the employee has been expired.

Pls advice and thanks in advance



 1 Replies

Raj Kumar Makkad (Adv P & H High Court Chandigarh)     19 November 2009

Approach the higher officials of the bank and apprise them the latest facts and I hope they shall make the mare go as the bank require now recovery of their dues as soon as possible so local officials have not dealt the matter legally. banks have their own policies of waiver of interest etc. and those cannot be enforced through court of law so there are no authorities in your help execept the officials of the bank itself.

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Popular Discussion

view more »

Post a Suggestion for LCI Team
Post a Legal Query