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.

Answers (5)

171 votes

yes the bank would be accommodating if you have not deaulted prior and have paid all EMIs on time. However need to see your papers so as to be able to give you proper advice. request you to kindly meet a good lawyer

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115 votes

Dear sir

You just approach to bank again to rescheduled ur emi as this is the right time to pay ur loan and take advantage of the same.
If collection team can take the approval. Secondly you haven't told me the tenure of your both loan account. You can opt for bt option also

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134 votes

As you mentioned in your query that earlier you tried to negotiate with bank regarding emis. It will be advisable for you to contact the concerned branch and tell them about your problem. Try to negotiate with them regarding the rescheduling of repayment. Bank will definitely help you and in case bank moves to DRT and civil court for recovery in that case also will ask you pay. But not a lump sum amount but in installments. So concentrate on your work and try to negotiate with bank.

231 votes

Ask them to provide you strategy how to repay loan from your salary. Tell them not to calling you again and again...i am sure that they will provide you strategy to pay it.. there is no law if you unpaid loan of any bank.

238 votes

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.

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