Advocate Randheer Kumar Sinha

Questions Answered by Advocate Randheer Kumar Sinha

Q: Remedy as time require to pay off loan taken from bank

Good Evening Sir  I have taken three big loans one is personal loan of Rs. 3,50,000 whose monthly emi is Rs.12133, I have pad 10 emi on time. second one is Used car loan of Rs.2,65,000 whose monthy emi is Rs.9330 and last is .I have paid 7 emi on time. I was all the emi's on time because the business was going very nice and not even a single bounce in the loan. But due to some medical as well as some financial crisis in market my business got shut down. Six months I was unemployed. Now I have started a job but it is not possible to pay all the emi's on time because suddenly crisis occurs. Sir I want to know whether it is a law so that I can get few months time from banks or finance company to pay my loans. Please help me asap because the collection departments continuosly calling me and I am not be able to concerate on my work and if I am not be able to that How will I pay in loan in future as well. Please help me. I need your help.

Advocate Randheer Kumar Sinha answered
Hi,Greetings, Thanks for your query. Gone through your query whereas I understand that you have taken loan and now due to financial crunch not able to pay EMIs on time. There is no such law for waiver of Loan but in banking sector there is a process called ballooning/restructuring of loan where you can buy time from bank adopting the above said procedure.Advisable to consult your bank with a written application referring restructuring of above said loan. They will help you if they not then you can approach banking ombudsman for the same.Thanks