Regarding perosnal loan(unsecured) in india.wat happens in worst case if i wont repay im unable to repay?

Question

Hi im unable to pay unsecured perosnal loan in india so wat happens in worst cases..as of now im staying in london i dont have job...so i cant repay them in india ..so wat the bank do now?..do they complain to london police? and do they put case in india court ..if so wat court decides..pllzzz let me know in detail ..even im planning to go back in india..WORST CASE WAT THE BANK PEOPLE DO.....PLZZ LET ME KNOW IN DETAIL.. I KNOW THEY PUT SOME AGENCY I MEAN RECOVERY PEOPLE BUT AFTER THAT WAT THEY DOOO? PLZZ GIVE PERFECT AND DETAIL ANSWER

Answer 1

No bank in India or anywhere will give you unsecured personal loan without verifying your assets,  guarantors and repaying capacity. If you had disclosed your assets, the bank will certainly proceed against those assets to recover their dues. If you had furnished any guarantor, they will ask him to repay. If the bank had not taken all these basic precautions and granted you the loan, they have to bear the loss. They may proceed against the Manager who had sanctioned you the loan flouting the banks rules and guidelines. In rare cases they may write off the loan amount and the costs.