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What should I do if I am unable to pay my loan and emi


24-Apr-2023 (In Banking / Finance Law)
Sir I have taken personal loans and credit cards in different banks like Axis 2.25 HDFC 2.25 ICICI 90k SBI 40 k Personal loans in axis 3.00 HDFC 2.49 Bajaj 1.8 From last 5 months onwords I am unable to pay my amounts due to I lost job and one of my friend cheated me taken amounts 25 lac sir present my situation is so critical my age 30 My father and my relatives all are helpless due to I have brought some amount from them selves and paid some min amounts and emis also present all bank persons are saying we will send legal notice to me may I know what should I do and I will pay all amounts but need time I am searching job.
Answers (1)

Answer #1
525 votes
Hi,
Its very critical situation for you to pay the emi's . but you have to pay all the pending amounts. There is no other option for that. Banks will give you legal notices if you are unable to pay future emi's.
If you really unable to pay the amounts, you may contact the bank credit managers or recovery managers and explain about your situation. Bank officials have the right to extents time as per bank norms.
Only bank officials will give you time for next payments. Once the legal notice served, they don't have any rights to extent time.
So, better to contact the credit managers or bank officials for next payment date.
Thanks for your query.
Good day.

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