What Is The Legal Remedy For Extra Time To Repay The Remaining Of Loan Amount?
What is the legal remedy for extra time to repay the remaining of loan amount?
Free Legal Advice - banking financial
Posted by: Nikhil Gupta
Posted on: 2018-09-19
Typically, banks initiate such proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests (Sarfaesi) Act. 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. If failing to repay within the notice period, the bank can go ahead with sale of assets. However, in order to sell, the bank has to serve another 30-day public notice mentioning details of the sale. Analyse your situation and have a realistic estimate for when you can restart paying your loan. Treat this as a priority. It is human tendency to start avoiding calls and messages from the bank. Do not do this. Inform the bank as soon as you can about any change in your circumstances that prevents you from paying them.
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