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Took loan now unable to pay the amount back what to do
12-Aug-2023 (In Banking / Finance Law)
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
Hi 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
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
Helpful?
30+
30+
Adv. Pratap Kumar
Bangalore | 200+ Answers
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I 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
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
Helpful?
26+
26+
Adv. Shilpa Sharad
Bangalore | 25+ Answers
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