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Kumareshan (Manager)     09 June 2010

Staff loan

I have taken a staff loan from ICICI Bank  5 lac long back nearly 3 years and at the time of leaving the company i had asked them to convert this into EMI so that i can make the payment monthly, they had not done with it, Now they have come up with saying the loan has to be paid in lumsome and entire amount has to be payed immediatley, I have given 3 cheques of worth 5 lac while taking this loan, I do not have a single pie to pay back and i am doing some freelancing job as i am jobless, Can you give me a suggestion on this as they are insiting to pay and thretening other wise they will bonce the cheque and put a case on me. I am ready to make payment if it is converted into EMIs


 3 Replies

Daksh (Student)     09 June 2010

Dear Pradeep,

You cannot challenge the policy of any corporate entity - on the other hand you go and represent to a Bank who might come to your aid by taking over this loan amount - allowing you to remit the same in EMI's

Best Regards


SHARAD CHANDRA DANEJ (Asstt. Manager)     10 June 2010

Dear Pradeep,


While taking the loan from ICICI bank you must have taken a copy of arrangement letter with terms and conditions of repayment. You should have taken, if not. Now since, you have given them cheques (3) worth Rs. 5 lacs that means you are ready to pay them lumpsum in three instalments. Here also you could have given them post dated cheques. I donot what you have done, but if they present even one cheque and if bounces back you are liable to be dealt u/s 138 of Negotiable Act. Now you can approach and request the bank with your own repayment programme and you should promise them that you will adhere to your own repayment programme. If your bank agrees, well and good. If it does not agree, then of course the same thing can be said in court of law that you will repay the loan regularly now onwards as you donot have the job right now. Court may consider you request. May God help you.



kranthi (retainer advocate)     17 June 2010

first of all u ask in written for EMIs, also give a registered letter to bank not to present cheque for collection as ur a/c has in sufficient balence.  file a consumer case,  give complaint as harrasing .

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