Personal Loan Not Paid Back In India
Now as i am in india i have been unable to pay this.
Personal loan not paid back in india. When you go back to india you might get collection calls. When you fail to pay the loan dues the bank can t take any immediate action against you. A personal loan is called as an unsecured loan which is a loan without any tangible security.
If the borrower s account is classified as a non performing asset npa where repayment is overdue by 90 days the lender has to first issue a 60 day notice to the defaulter. Securing a personal loan is not rocket science and as long as you understand the eligibility criteria of the loan you should be able to get your loan. The reserve bank of india s guidelines says that banks should give reasonable time to pay up and also forbids using muscle power to recover loans.
In case of auto loan the collateral will be like car bike etc. With this you can amend the original agreement changing the amount owed or the time frame in which the debtor must pay you. There is a laid down code of conduct which banks need to adhere to.
If you haven t paid emis for 90 days the bank must serve you a notice of 60 days. I had taken loan and used 4 credit cards all sum together 90lakh indian rupees. Leaving the uae either over a job loss or the inability to pay and facing no other options is not uncommon.
In that case you might want to change your mobile number if you gave that as your telephone number on the application. If you take rs. You should repay your personal loan within 3 to 6 months.
Once the notice period is over and if the dues are still unsettled then the bank is allowed to repossess your property. If your account remains in continuous overdue for 90 days then only bank has the r. A personal loan should be the last option because of the high interest charges.
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