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I took loan but not able to pay few EMIs. Can I get relaxation ?
01-Feb-2023 (In Banking / Finance Law)
I have taken personal loan from Bajaj. 2 years i have paid my emi. This month iam not able pay the emi. Is there any legle way to get time relaxation for 6 months to pay my emi.
They will not provide any relaxation period. Once you failed to pay loan EMI continuesly 3 EMI then the bankers will declare your account NPA and may initiate the Sarfeasi proceedings to recover the entire balance loan amount.
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Adv. Selvaperumal
Chennai | 100+ Answers
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Hi,
Approach the bank/finance company and ask for a waiver period for repaying the loan (in writing) and they may consider. They may insist for some security if you are not employed/salaried. No law specifically says about loan waivers as it is a policy matter.
Approach the bank/finance company and ask for a waiver period for repaying the loan (in writing) and they may consider. They may insist for some security if you are not employed/salaried. No law specifically says about loan waivers as it is a policy matter.
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Adv. Shobhan M P
Chennai | 100+ Answers
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Hi
Legally speaking you should pay all emi's in time as agreed by you. You can approach your financier and explain the situation and get time or reschedule the loan emi tenure but interest and other penal charges if any would also follow for such delayed payment.
Legally speaking you should pay all emi's in time as agreed by you. You can approach your financier and explain the situation and get time or reschedule the loan emi tenure but interest and other penal charges if any would also follow for such delayed payment.
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Adv. N Sudalai Muthu
Madurai | 100+ Answers
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