Bank Rules For Loan: If the bank sends a notice on non-payment of loan EMI, then know how to respond...


Sometimes due to some reasons, we are not able to deposit the EMI installment. In such a situation, you do not need to worry. Actually, if you do not deposit the EMI installment in the bank, you can get three types of notices. When these notices come, you have to respond to the notices from the bank without any panic. The name of the bank will be written above the notice of the bank. If it has come from a lawyer then an Advocate will be written. Whereas if it has come from the court, then the court will be written. You have to respond to any notice that comes from anywhere.


Notices are received from the bank for non-payment of installments.
If you do not respond to the notice then there will be an order against you, if you do not respond to the order then they will take a non-bailable warrant from the court, and then the police will arrest you. You can avoid this situation by replying to the notice. When a notice comes, it means that they want to get information from you as to why you are not able to give the loan. Therefore the bank should respond in writing. One should never answer verbally.

These problems can arise if you do not respond to the notice-
When banks go to court after giving oral reply, they will have a thick file and you will have nothing. Whenever you receive a notice from the bank or from the court, go directly to the bank and inform in writing that my condition is not good right now and I will not be able to make the payment. Please inform the bank as per your requirement of one year or six months to repay this loan. More than Rs 12 thousand crore has been underwritten by big industrialists. Underwritten means that RBI has written to them that they will not be able to repay the loan right now and their situation is not good right now. Will fill it when the situation is right. Therefore it is necessary to reply to the notice.

Know here how to respond to the bank's notice-
Secondly, how are these notices responded to? The notice received from the bank has to be replied to in writing. In which write that my condition is not good now, I need one year or 6 months time. If you do not respond to this letter within 7 days, I will consider that my application has been accepted. Suppose, if the bank manager refuses to accept your reply written letter, then in such a situation you have to speed post that letter to the bank address and keep the speed post receipt safe. Even after this, if notice comes from the court, then you will have proof that we told the bank that our situation was not good but the bank did not listen to us, and after this action will be taken against the bank.


Complain here about the misbehavior of the recovery agent
When the bank gives a loan, it checks many records like your CIBIL score, and then gives the loan. In such a situation, when your situation has become bad today, then how will the bank know that your situation is bad? Therefore, it is important to mention in the notice that you are not able to pay the EMI. If you have taken money, it does not at all mean that you have become its slave. If any bank misbehaves or abuses you, you can lodge an FIR with the police. The person doing this can be punished up to 5 years. You can also demand damages for defamation.

PC Social media

From around the web