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What Happens If Someone Doesn't Repay a Loan in India? 💰🚨 Lent money to someone, and now they’ve vanished like a magician? 🎩✨ Or maybe your friend owes you but keeps giving excuses? 😬💀 Can you take legal action ? Let’s break it down! 💼📜 ✅ Short Answer: You CAN Recover It Legally! If someone refuses to repay a loan , you can: ✔️ Send a legal notice 📜 ✔️ File a civil suit for recovery ⚖️ ✔️ Take action under the NI Act (if cheque bounces) 🏦 ✔️ File a criminal complaint (in some cases) 🚨 🔥 What Type of Loan Are We Talking About? 📌 Personal Loan / Friendly Loan 🤝 ✔️ If given with a written agreement – it’s legally binding . ✔️ If given without proof – hard to enforce, but not impossible! 📌 Bank Loans / EMI Loans 🏦 ✔️ Defaulting on bank loans affects credit scores (CIBIL) . ✔️ Bank can seize assets or take legal action . 📌 Business Loan 💼 ✔️ If a company fails to repay , lenders can claim business assets . ✔️ Directors may be personally liable (i...
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