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I took loan but not able to pay EMI, what is the procedure to get time
04-Feb-2023 (In Banking / Finance Law)
Hi, I am from Chennai..I was working into software firm...my friend did trading business,so to help him, I put personal loan with few banks and gave him money...now he lost business..Due to that can't pay emi now.till last month I was struggling and pay emi...I getting around 65 k buy total emi with all banks come 89k .. earlier baesd on his business without any issues we were payed emi..now am struggling to pay emi..sure I will pay emi amount but I need some time to pay emi..is there any way to postpone or extend emi texture so that without any issues I able to pay my emi.plz give me any suggestions to handle this issues.. Thanks in advance..
I Need more clarity on the issue. Have you mortgaged any property to obtain the loan or Are all the personal loan based on your salary receip?. Anyway, if you defaulted in 3 subsequent monthly EMI then the bankers may approach the court to recover the loan amount from you by attaching your property by brought the same to auction sale(in case you mortgaged the our property) or they can seek an order of attachment to attach your salary aaccount until collect the entire dues. To complete this process atleast it will take 6 months to one year. If you need any further clarification feel free to contact me.
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Adv. Selvaperumal
Chennai | 100+ Answers
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It would be advisable to contact the Bank from which you have taken a loan on EMI and request to restructure your loan. The loan may be restructured in such a way that the period of repayment of the loan can be extended and thereby, reducing the monthly repayments. It would be better to go through the terms and conditions of the lending Bank with respect to EMI and see if any other alternatives are available.
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