quesTook loan now unable to pay the amount back what to do

i took a personal of 6 lakh,till i paid well,now i am not able to pay emi due to severe financial condition i am changing my job too,is bank deduct money from my other account if i will not pay ..i mean if i open a new salary account still they can deduct money if they do so i dont have a single money to eat that month.. please suggest

  • ansI am sure they must have taken few signature of your at time of releasing personal loan.
    You starting making payments and then approach them for settlement on fresh terms .
    Banks are given special power by Govt, RBI for recovery
    and it is in interest of individual to respect law and repay loan as per commitment.
    you need to meet lawyer in person with your case, it is unfair to give advise without seeing papers

    Advocate Shilpa Sharad

      RMV Extension, Bangalore

  • ansHi Querist,
    If you have lost the job they can take a lenient view, however they may not waive the loan, it totally depends on u r negotiation skills, u will still have to pay, at the most you can show proof of your relieving letter/resignation lt. that u r not employed currently, and ask for extended EMI option. If they get to know u r other bank details they can file a case and try to get the details from u thro the court, otherwise u dont have obligation to reveal u r bank details. They may not stop pestering for the EMI's. For that u will have to file an injunction suit .
    Pratap, Adv

    Advocate Pratap Kumar

      Madiwala, Bangalore

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at and has been responded by one of the Banking / Finance Lawyers at to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
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