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 MrMoJoRiSiNg 5 years ago
Where can I get a personal loan without bank account...?
by clonjaz 7 years ago
I would check out your local Credit Union. It would probably be your best bet.
by tdebrick 5 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.
by jervey 6 years ago
What is the qualification for a personal loan?
by Msoriano 7 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 fund because of my credit history and they were unable to verify my income even...
by bandit21 7 years ago
I need a personal loan, I am truning 21 this september 3 and i'm trying to go to school in...hamilton and trying to get my own place there, i live in keswick ontario at the moment with my parents and they are not helping me with loans because they don't believe in co-signing for anyone even if its...
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