I am defaulter of SBI Bank. I can't pay my outstanding loan. How can I manage this? What Problem will be occur

Question

I had taken loan from SBI and all the money is cheated by partner but I have no documents to prove it. This time my situation is hand to mouth. I don't understand how can manage it, what problem will be occure and what will I do, to rescue. I already lapsed the time (One year) in think but i could not find any solve. Please suggest me.

Answer 1

If you have properties or assets, deposits etc liquidate it and pay the loan. If you do not have anything, approach an advocate and submit an INSOLVENCY PETITION in the jurisdictional court.  The court will send the bank, a notice.

The bank cannot take any action against you.

Answer 2

To put long story short: You are in a big trouble and there is no escape from it (Period)

You took the loan and the bank is not concerned about how you spent it weather or not your partner cheated you. The only solution to get out of this problem is. Earn more spend less, meet with collection guys @ SBI discuses your problem and financial situation with them. Arrive at a minimum payment you can make each month and stick to it.

You cannot escape from SBI its a nationalized bank, they have their own ways of recovering money. If you try to escape from it you will be in a big trouble the collectors will harsh you, your family members and friends. So please try to get it resolved by meeting up with collection department. You can also meet a financial consultant who can suggest you how to deal with this problem.

Best of luck !

Answer 3

don't worry

if the loan is secured then the security will be liquidated by the bank to adjust the loan. this is your immediate problem. if the security is more than your liability the excess funds will be released to you. if there is a shortfall it will be written off.

if it is unsecured they got to write off only.

if you give full details i can give possible solution