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I availed a cash credit from a nationalized bank , under start up India scheme. I availed loan to start manufacturing of garments. It has been six month now and availed funds for the purpose of business but not for the same purpose mentioned at time of availing loan. But due to market trends I transacted in cash, I have not been able to pay EMI since 4 months but recently paid one month EMI out of four months. Now, due to cash crunch I had to shut down office and shift into another premises. Initially was unaware that I have to inform the bank about shift. I am into a scrutiny by the bank and need help.

From the facts enumerated by you, it emerges that there is no dispute on the fact that the amount is due and liable to be repaid to the bank. Accordingly, the following options can be availed by you – 1. You must write a politely worded letter to the Bank giving firm commitments regarding payment and requesting for additional time for making rep...


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