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What will happen if I am unable to pay emi of bank loan
21-Apr-2023 (In Banking / Finance Law)
I lost 15 lakh in share market..took loan from 2 banks..one bank took check as security whereas other bank did not take any security..I got offer from both banks online via netbanking so no verification was done by banks if I am working or not..as I was not working when I applied for loan and started investing with loan amount and kept paying EMI from those loan amount but within 6 months lost all the money and now don't have any money to payback..I am doing job but the EMI is four times my income..is there any way I can escape this maybe by filing bankruptcy or what action can these banks take against me??..I don't have any property in my name..it's all in my dad's name..please help
You have realised that the mistake done by you. Now Start working hard to increase income, request your financier bank to reduce EMI to meet your budget. You may face criminal legal action as well, since you have given false information while applying loan. But don't worry. Watch Munnabhai MBBS -II movie to release tension.
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Adv. Balaji Sagar
Pune | 100+ Answers
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