How does a bank recover a personal loan from a person who has regularly defaulted on payments...
banks take post dated cheques from the borrower. if these cheques bounce then they have recourse of section 138 of CRPC. which has penalty around 3 years and double the payment to be decided by civil court.
the banks also declare that the person is a 'willful defaulter' as guided by the reserve bank of india, which means no other bank will now give the person loan.
bank also is permitted to appoint recovery agents , who follow up and recover the loan from the bank.
this is the course when the loan does not have a third party guarantee and security. normally banks do not take the colletarals in the personal loan. otherwise banks can recover from your collaterals as well.
by MrMoJoRiSiNg5 years ago
Where can I get a personal loan without bank account...?
by Scott christopher2 weeks ago
You can either go to a bank or you can go to sites like LendingClub or Prosper.com. There investors can put in a minimum amount to give you your loan. It is basically a different form of crowdfunding. Also, in the...
by clonjaz6 years ago
I would check out your local Credit Union. It would probably be your best bet.
by jervey6 years ago
What is the qualification for a personal loan?
by Msoriano6 years ago
How can avail of a $15000 personal loan if I was declind by other lenders?I tried to apply for a personal loan on one of the lending companies. I was 100% funded but they sent me a message that they cannot release the...
by tdebrick5 years ago
Would a personal loan improve my credit?Thinking of consilidating my credit card debt into one loan. I am thinking this is the best for me paying my debt down.
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