Not able to Pay my Loan EMI for next 2 months due to Job Change
10-Mar-2023 (In Banking / Finance Law)
Hi Sir.
I have changed my job and now in Lagos (Nigeria) for my new job. Here, the policy is that company is paying Salary quarterly and I don't have any saving as on date.
In this case, I am not able to pay my Loan EMIs for next 2 months and this I want to intimate to my Bankers. I have loan with ICICI (Home Loan) and Aditya Birla (Personal Loan). Also my family is in Mumbai, and they might be have harassment from bankers, how can I stop that ?
Need your advice on the above, how can I intimate my bankers about my situation.
Regards
Rajesh S Patankar
Namaskar, banks are unlikely to accommodate your request of EMI holiday for couple of months, still you can make an attempt and request. If you have no money to pay EMIs then try to get money from relatives and pay them later upon receipt of your salary. However, if continuously 3 EMIs are unpaid then your loans will become NPA and real troubles will start as the whole loan becomes payable at one go. Therefore try to ensure that your 3 continuous EMIs are not unpaid.
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