I took a loan from ICICI Bank but due to severe set back in my business I have been unable to pay my last two EMI'S.NOW what I need to know is what might happen if I am not able to pay up in near future, which seems a possibility.Will I be arrested ? Can the bank people take my household items etc.The bank has the property papers as security for the above loan. The banks agents are harassing me every day.Somebody please tell me exact procedure which the bank follows if a customer is noy able to pay.
2007-02-23 04:07:35 · 3 answers · asked by anujsharma441 1 in Business & Finance ➔ Credit
DONOT BE PANICKY.
Bank has legal rights against you but they have to follow lengthy legal procedures. Straightaway arresting and possession of household goods is not likely to be. Please do not lose mental tranquillity. Have confidence in you. Sometimes difficult times also come in life.
Take stock of position. Have a discussion with bank manager and request them to reschedule the repayment of total due amount.
Simultaneously you try to negotiate with any other bank to raise bigger loan. Pay off this out of that and property can be remortgaged to new financier.
What you have is loan with bigger instalment (per month) in less time. What you require is less instalments(per month) in longer period.
You can try nationalised bank too. Take help of persons who arrange bank finance.
Cool-minded, please take stock of present position - discuss the matter with your family members and have blueprint of future. But have faith in God. He will help you out. Do not be panicky. If needbe take help of lawyer. But best recourse will be to negotiate with your bank.
2007-02-27 03:31:25 · answer #1 · answered by PK LAMBA 6 · 0⤊ 0⤋
They will start taking legal action. Bank make beggars.
2007-02-23 04:12:49 · answer #2 · answered by Expression 5 · 0⤊ 0⤋
They will take hold of your property to realise the money that you still have to repay. I don't think you will get arrested for this.
2007-02-23 04:18:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋