Legal action if unable to pay emi's of loan taken from bank


I have taken home and personal loan And paying Emi but from 2 months due to some domestic reasons I have not paid my emi as bank is pressurising me for repayment otherwise legal action will be taken. I told them I will pay them in next month but I want to reduce my emi so that I will pay them without any problem. Can it be possible.? Or any legal action can be taken against this?

Answers (3)


178 votes

First thing you and the banker entered into the agreement containing the terms and conditions and you very expressly given your consent to repay the loan amount in EMI's, now if you are not paying your EMI's then the bank will take legal action and further it the discretion of the the bank to reduce the EMI amount or not.


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249 votes

Dear Owner ; EMI of any lending institutions has to be paid by the loan taker if the same is not received fro 3 months the bank places the post dated cheques handed over by you to the lending institutions and if the same is not realised than bank has got full authority to go ahead with legal proceedings u/s Negotiable Instrument (NI Act)-138

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206 votes

Off course they can take legal action against you, Try to talk to the branch manager personally and asure him that next month you will manage finance to clear all due whatever the amount is, also communication shouted in black and white as it would be proof for you in case they will file any case against you.

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