Hello,

Tender a reply to the legal notice and talk to the bank and request them the re schedule your payment mode. If they agree to the request then only things can turn out to be positive for you.

Regards

Talk to the bank and pay the pending emi and reschedule your loan.

Further yes bank can turn loan account NPA , and file a suit against you for recovery of loan along with interest and expenditure.

Pay one instalment of car loan

2) seek time to make balance payment within next 3 months

Bank can sue you for non payment of personal loan

One have to pay pending car loan EMI and get settlement done with bank for paying nominal amount and rest will be paid in future installment either you can top-up loan or take personal loan from another bank and repay to this bank.

1. If you are not able to pay the entire amount in one shot then contact the branch manager and seek restructuring of the loan in tune with your affordability.

2. The bank does not need to file a suit against you. It can take the possession of the vehicle.

Yes it is a possibility as you have the outstanding EMI the bank may start reposition activity to get back the car it will be good for you to pay the EMI remaining and avoid this kind of reposition of the vehicle

if the payments are not made as said in your agreement it is deemed as default. The obvious fallout of this is the lender/bank might repossess your car. Depending on your loan agreement, the lender/bank will send you a written notice of default asking you to make the remaining balance on your car loan or face repossession. If the notice is not honored within the time mentioned in it, your car will be repossessed.

Firslty, as per the information mentioned in the present query, makes it clear that you are at fault.

Secondly, yes, the notice only talks about the remaining pending 3 emi apart from the whole amount pending right now, if you clear the same then they may not take any action against you.

Thirdly, if you do not pay these immediately then they may file a suit for recovery against you POA would seize your car also.

Fourthly, I advice you to please pay the three then they would continue with the remaining ones in accordance of the terms of agreement.

Make a part payment.

Send a reply to this legal notice assuring the bank of repayment of loan. Mention that you will be able to make a part [payment for now and seek time for clearance of entire loan.

One have to pay pending car loan EMI and get settlement done with bank for paying nominal amount and rest will be paid in future installment either you can top-up loan or take personal loan from another bank and repay to this bank.

Dear Sir,

You have to go and submit a representation in this matter in Bank.

Prepare a suitable letter and meet the branch manager in person and handover the letter

Commercial banks (public sector banks) accept the letter; however, you should be prompt in payment at the scheduled date as mentioned in your letter

Some private sector banks are found to be rude and instead of helping the borrowers, they used to harass the borrowers without knowing the difficulties experienced by the borrowers

yes, the bank can.

In the terms of the loan agreement it must be written that the matter will be referred to arbitration and as such an arbitrator will be appointed in your case.

Regards

Start immediately paying EMI.

You have to give a reply to the notice denying the allegations and buying time for repayment.

They cannot take possession of car but they will file a money recovery suit and it may run for at least two years, by which you can arrange for the funds and repay the loan in full.

Can a bank can file a suit against me for not paying a personal loan for past 6 months.

Yes, they can take suitable action for recovery of loan amount as per law.