Personal loan default

I had taken a personal loan from CITI Financial mumbai on 2010 feb at that time i was in a good post in central railway and had a payment of 30,000/-. i took a loan of Rs 242000/- for a period of 48 EMI months and the emi was Rs 9479/-. and gave PDC AS SECURITY in name of CITI Financial Mumbai. i paid the loan well for 20 months but there was a vigilance case on me in railways after i took the loan and eventually i was removed from railways in feb 2012. even after being removed in feb i paid two more EMIS in march and April 2012, but after this as i was in removal i could not pay any more EMI. The loan period was till FEB 2014 but as i was removed i could not pay the remaining EMI. the in 2013 the Citi financial was closed by GOV and my loan was transfer to ASIX bank and later in March 2014 my loan was transfer to KOtak mahindra bank. then after 5 years i got my job back in May 2016. now from last month the agents of kotak bank are continuously calling me on my mobile and office number and threatening about the loan and they say that my loan of 242000/- has become of Rs. 2860004.95 as on 05/07/2014 and now upon that a intreast of 18% from 2014 till now has to be paid by me plus the original loan interest of 24%. now they have also send me a legal notice from some legal lawyer of Delhi and asked me to pay the sum in 7 working days or be ready for criminal and civil action against me as per Clause 29 of my loan agreement and that they will bounce all my PDC and put me in jail. can they do this at Delhi?? i want to pay the loan but the problem is that now i have been appoint in a very innitial grade and my payment is only 13525/- in hand and my punishment is til;l 10 years . can i go for a settlement or do i have to face jail and court in this case of pdc????????? please advice i am fully tensed . even for a settlement i need a time of 6 months to arrange money and i cannot pay 3 lakhs to tthem becasue in 5 yersa of removal i have sold all my assests and now i am totally dependent on my payment of 13525/- and if i pay 9479 as emi i cannot feed my family in the remaing money on 4525/- per month. please advice