A personal loan is very referable and easy to get if all the documents and terms and conditions are acceptable. A personal loan is a loan where you are free to use the funds as you want. You can use it for a holiday, buying a gadget or for medical purposes and almost for anything. But you should consider this thing that the bank is taking a risk while granting you money or funds which can be used by you for anything and you assure the bank that you will return the money. But, bank don’t know what you are investing it on — but overviewing or ignoring all the factors if you fail to repay your debt then what happens? And few banks like สินเชื่อ Citibank have very stick rules and regulations for that.
So what happens when someone fails to pay the Debt?
What happens when somebody couldn’t pay off the personal loan? Somehow or due to some, you fail to pay the debt or the amount of money then what happens or what does the bank do? Here is what it’ll do
- If you miss your EMI plans the then the bank will pledge to your assets if you have and the bank will evaluate it.
- The bank might call you and start visiting you at your office, home and almost everywhere.
- Still, after that, you are in debt, then the bank can file a criminal case against you as the final resort and draw you to the court and will take back the money at any cost.
It’s better to pay the Debt and get it corrected by the officials, and if at all any such situation arrives contact your bank and explain the situation, and you can extend the plans accordingly. They’ll coordinate and help you out through the situation.