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Dafault in repayment of loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 August 2013 One of my friend has become defaulter in repaying a scheme loan which he had taken from a nationalized bank. Now he is not in a position to repay even Rs. 10000/- against this loan. Bank has sent a letter to him by indicating that they will go for legal action if the loan will not be paid. Now sir, please let me know what may be the highest penalty or legal punishment which my friend will get?
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
28 August 2013 the bank can officially sell the secured property on which the loan was taken.
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