Thank you.
Yes Neoxian Bank has also the right to liquidate the SP which is pledged for a loan. But to the best of my experience and knowledge Neoxian Bank gives enough chance and time to you, if you fail to meet the scheduled payment, but you have to communicate properly with Neoxian Bank, you must elaborate on the reasons in detail to why you defaulted the loan. You have to be polite. You must also tell your future plan, how you will pay.
But if you simply remain silent and/or run away without paying the installment or if any borrower has any malicious intention, then the bank may decide to liquidate the SP which is pledged.