175+ Lawyers are online 
Personal Loan EMI not Paid what will happen
20-May-2023 (In Banking / Finance Law)
Hi, I have a personal loan whose EMI is 16100. I lost my lost job so not able to pay the EMI. Now recovery agents keep calling me and asking for payment. I told them that I lost my job and will start the payment once I found the new job . Now they saying they will send me legal notice. Please help.
You have to file a written letter to the Bank asking for extension of time to give the EMI as your security is also deposited the bank might try to settle the claim and in furtherance may put a penalty or interest
Helpful?
12+
12+
Adv. Palak Nenwani
Delhi | 100+ Answers
CONTACT NOW
Dont worry just send them notice. you take our service we will draft a better reply for them and it is necessary for you to pay their amount . you need to give some collateral security for their loan.
Helpful?
11+
11+
Adv. Rajat Goel
Delhi | 25+ Answers
CONTACT NOW
kindly come and contact a good lawyer with all your papers. the bank will accomodate you but only if you give them proof and have been regular with your other EMI payments and have never defaulted before.
Helpful?
13+
13+
Adv. Sandeep Saini
Delhi | 100+ Answers
CONTACT NOW
they have the right to recover the loan from you, reply to them asking some more time and stating your current position that you are not financially secure right now and you doesn't have a job and soon after getting the job you will start paying your emi's.
Helpful?
18+
18+
Adv. Prateek Kohli
Delhi | 25+ Answers
CONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Banking / Finance lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
