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Unable to pay EMI of the loan due to financial crisis,what should I do
08-Mar-2023 (In Banking / Finance Law)
Hi, I m from Chennai. Two years back I have taken on behalf of my wife name from Axis Bank for 5 Lakhs rupees. We have paid emi Rs.13000 regularly almost for one year but suddenly six months before my wife affected with rhumatitis arthritis hence she relieved from her job. Due to finance crisis, I could not pay the emi and facing the recovery agents harrassments. Currently I can pay the emi upto Rs.3000 or I need a waiting period for 3 years without any interest, then I can pay the regular emi. I have heard about lok adhalat but not sure how to go with that. Can anyone help me out how to handle my situation, please.
In case of personal loan, the bankers can approach the DRT to recover the outstanding amount payable by your wife. If any property had mortgaged to receive the loan then they may initoate the Sarfaesi proceedings to auctioned the property to recover the amount. in such situations you have to go to DRT to stop the auction sale.
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Adv. Selvaperumal
Chennai | 100+ Answers
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