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
Aftab
