1 What will happen if the peason is unable to pay the loan
with the specified period ?
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Right to adequate notice
The borrower's account is classified as a non-performing asset (NPA) if the repayment is overdue by 90 days. In such cases, the lender has to first issue a 60-day notice to the defaulter. “If the borrower fails to repay within the notice period, the bank can go ahead with sale of assets.
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