- This topic has 5 replies, 2 voices, and was last updated 1 year, 4 months ago by
.
Viewing 2 reply threads
-
Posts
-
-
UI need advice on agricultural loan my grandfather took in 2009 from PNB. The loan amount was ₹40,000, but it wasn’t repaid because my grandfather had no significant income—just a small piece of land and a birdha pension.
We only found out about the loan in 2022 when ₹10,000 deposited by my father into grandfather account was deducted for the loan repaymen and bank has also been deducting from the birdha pension.
Recently, the bank manager visited our house and claimed ₹65,000 as the outstanding amount (including interest). He also had my father sign some documents, but my father not read that paper.
Edited:1. it’s collateral loan on land .
2.Ths is signed papers [signed papers by father ](https://ibb.co/pdYcrcQ). -
-
Wthis account had to be classified as NPA long ago, but as your grandfathers pension was getting credited the same has been adjusted towards the loan amount, now you can either change the pension getting credited to pnb account to some other bank account other than pnb, and make sure the loan goes bad, NPA (no interest/ principal served for 90 days) from 91st day bank classifies your loan as NPA and no interest can be accrued, your grandfather cibil takes a hit, if your father is co applicant then bank will come behind him, once loan is classified as NPA the recovery agents will come behind asking you to regularize the account by paying interest amount atleast, 3-4 months you start to get notices from the bank, keep saying that you will pay the loan amount, finally some recovery agent will say lets settle this account, bank will call you for settlement there you need to pay less than what you have availed, they might settle the account for 50%-60%
If you settling the account please note same will reflect in cibil records of the borrower, they might not be able to get loans in the future-
U1.We don’t know which pension my grandfather is getting and we don’t even have any loan documents and my grandfather’s passbook is blank. So my father is going Tomorrow to bank.What document should we ask.
2. My father is not an applicant and we live in the village of bihar so there is nothing like a recovery agent.
3. What if banks sell that land(collateral) in that period.
4. Might settle account for 50-60% of total 65k or 40k.-
WIf you say there is pension there will be a credit amount in your grandfather’s account, passbook would contain the information, please ask the bank manager to provide you copies of the loan application, documents submitted to avail the loan,
Bank might say you settle the amount first and then ask the documents but be you need to be aware of the customer rights,
if your father is not an co applicant bank won’t respond to him,
please take your grandfather and ask for the copies of the loan application and documents submitted (documents recitals), and the amount that is getting credited to loan account statement of loan account. -
-
-
-
Viewing 2 reply threads