When you refuse to pay a loan or credit card bill to a bank. Can the bank take any legal action? There are two types of loans. Secured and Unsecured loans.
What action can the bank take if it does not repay the secured loan? About unsecured loans, in the category of unsecured loans, there are personal loans, business loans, education loans and credit cards.
In which case you do not have to pay any security item in the banks. So you are not able to pay such a loan or credit card bill. So what action can the bank take?
See,
You have taken any type of loan from any bank, whether it is a personal loan, a commercial loan, an education loan or a customer loan, you have to pay the instalment on time. If you have to pay that instalment on time If you do not pay, the bank will charge more charges and more interest on you. Many times it happens that people refuse to repay this instalment even after charging higher fees and more interest on the unsecured loan. When the bank is right in its place. The instalment that you have is not repaid in time. This penalty has been imposed. But still many times due to lack of money or due to the thought that if I do not pay, then what will the bank do. Many people do not pay such a loan, thinking that the bank will pay more fine More interest is charged every month.
If no payment is made for 90 days, the bank can also take legal action against you. You can also send legal information. But most of the banks do not want to spoil their relationship with the customer. That is when the bank feels it. The customer is not going to pay the money till the bank provides the option of negotiation to the customer. In the option of compromise, the bank can withdraw your entire penalty. Suppose your loan was one lakh rupees and the penalty is to pay one and a half lakh rupees. In the option of agreement, the bank says that you give one lakh 25 thousand or 20 thousand and let the loan be tied. Many times the bank also accepts 1 lakh. So many times the bank resolves even within 1 lakh. Depends on. Most people choose the solution option when it should not.
This is a loss to the bank, due to which your mistake will be reflected in the bank CBIL report. This will make your CIBIL score much worse. CIBIL is a company that takes care of the loan of every person in India. We have made a video, if you do not know what is the CIBIL score? And how does it work? So you can watch this video, its link will be found in the description below and on the top button. You can watch this video by going there,
If the CIBIL score is low, if you apply for a loan in future, it will be difficult for you to get a loan. It will be almost equal to impossible. If you have taken a loan and you do not repay it, then it is not possible to get a loan in future. If you solve even then your CIBIL score falls and there can be a lot of difficulty in getting a loan in the fallen CIBIL score. So if you take a loan, whether it is safe or unsecured, repay the instalment on time. To get a loan in future.
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