Zafirah Shereen 14 November 2020

What would be the actual action by the Bank

Sir my relative has taken Personal loan from the Nationalised Bank for Rs.5.00 lakhs for a period of 36 months. He paid almost Rs.4.00 lakhs. Due to ill health he didn't paid as he is not earning. He availed Morotorium also. He is escaping from Coming Bank collecting agents to his home. Now he is in very tight position for payment to Bank.

My question is, what action will be taken by the bank against him.

What problems he will face in future.

please suggest.

Thank you
Regards

Reply Follow

4 Replies

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108) 15 November 2020

1. Bank will file Recovery Suit in local Civil Court. Depending on further failure to repay, available property can be auctioned by court orders.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

G.L.N. Prasad (Retired employee.) 15 November 2020

There are many measures and filing a case is the last resort. They may confiscate the moveable asset hypothecated to them, if the guarantor is having some deposits or liquid security, he can encash them, and if there are no securities, they may likely to bundle all such loans and sell it away to an outside agency as Special Purpose Vehicle, and that outside agency knows how to collect that amount better. FOr the present his future financial aspersions are permanently sealed as his default of one lakh is known to all agencies in India through a bad rating with CIBIL.