Bank loan not paid

Dear Sir, I have been selected by one private sector bank for interview process. They give education loan 3.4lac with my father as guarantor. as they give one year training program and for that they gave loan. After completing training I was posted in bank. Unfortunately I lost my job by termination. Now bank asks me to repay the loan with immediate effect. if non repaid the loan it runs as 24% compounded . Now I am not in position to repay.. they sending Demand legal notice. and also they mention in the letter if you don't repay loan with in fifteen days they share my details to my current employer. Already I am struggling with this termination, so I joined as fresher in a company. How does bank know my current employer? How to avoid this? kindly give your valubale comments,…pls

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You can file a case against bank in the case if threatening you and also you can prove them that they cheated on you. 

Answered on January 9, 2017.
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Dear Sir/madam,

As per the query, certainly you have never been a defaulter of the bank and such kind of a notice is served to a defaulter. Because generally in most of the banks, 3 consecutive instalments not paid gets your loan converted to an NPA(non-performing asset) and a different enquiry starts against the defaulter – as the matter reaches the DRT (debt recovery tribunal). The above mentioned, happens in case of a defaulter. And if everything goes smooth and continues without any default, whereby all the instalments are paid in a regular manner then, the bank cannot threaten you to repay the loan in a short duration. The bank has got no right to stand up one fine day and demand its customer to repay the loan with immediate effect.

The condition stated in the query, that the bank mentions in the letter about sharing your details with your current employer is a hoax, just to threaten you and force you to repay the loan within those given 15 days.

Having said so, certain remedies are available to you :

  • A criminal prosecution under section 383 of The Indian Penal Code gets applicable here, which talks about Extortion. (when the bank threatens you to repay the loan with immediate effect lest they would approach your current employer)
  • A consumer complaint under the Consumer Protection Act will also maintainable on the grounds of “Unfair Trade Practices”.

You can consult an advocate, to send them a reply of their notice, mentioning the above stated facts (in your favour) alongwith the legal recourse that you might take against them.

Incase you are facing any difficulty pursuing the above advice or want any help in filing the case. Please follow the link below

Answered on January 12, 2017.
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