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Date : May 28, 2009

Question

Hello Sir,one of my relatives has taken a personal loan from 13 different banks and now he is not in a financial condition to repay the loans and he has not paid the EMIs to the banks on these loans for the past three months . Kindly let me know the repurcussions of not paying the loan and escaping to another city ?

Answer

The bank can file against the person if he fails to repay the loan. Also his name will be listed in the defaulters list and will not be able to get any loan or credit card in the future.

 

 

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