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Loan ( business loan)

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 August 2012 Hi,
I am having existing term loan (against co-lateral )and cash credit in a co-operative bank.

For my emergency business need i took other business loan from HDFC .
The HDFC person were/ is aware of our existing loan of co-operative bank

All the EMI of both the bank ( co-operative , as well as HDFC till date are in routine.

But now the co-operative bank says as per rules we cannot take loan from HDFC.

Kindly suggest .
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CA Suresh Jain

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CA Suresh Jain (Expert)
29 August 2012 On what basis Co-op. bank is saying that you can not take loan.
2. What do you mean by EMI in case of cash credit?
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 August 2012 Thanks Mr Jain for your feedback.
1) Sorry i mean E.M.I OF LOAN ACCOUNT of both co-operative bank and HDFC bank are routine .

2)Co-operative bank says - you cannot take loan ( business ) from other bank( HDFC ),as we have already loan account with co-operative bank.

I want to know is there any such rule ?
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