Having trouble repaying loan? Your bank can help

Mumbai: Suicide was not the only option for 50-year-old Kandivli resident Jateen Patel who killed himself on Tuesday, burdened by business losses and a bank loan of Rs2 crore. He could have visited a credit counselling centre that may have helped him negotiate his debt with the bank.

In Maharashtra, banks like ICICI, Bank of India and Bank of Baroda have opened such centres. Bank of India’s centre is called ‘ABHAY’, the one by ICICI is called ‘Disha Trust’, and the one by Bank of Baroda is called ‘Grameen Paramarsh Kendra’.

“At ABHAY we act as credit counsellors and try to work out solutions for people who find it difficult to repay loans. We help borrowers prepare letters requesting banks to forego the interest or a part of the principal,” said PJ Fernandes, counsellor at ABHAY.