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How to negotiate with the bank when not able to pay loan EMI
17-Sep-2023 (In Cheque Bounce Law)
I could not pay my personal loan emi's due to financial crisis, now my bank has issued summons on me. Could you please tell me the consequences of this. I asked them for settlement but the amount they offered me to pay in single installment is also big. what is the next step I should take?
Hi
In general , a personal loan is an unsecured loan.
In the event of the court summons issued to you, you can choose to pay the money in equated monthly instalments convenient to you and submit an affidavit to that effect in the court.
In general courts take cognizance of personal/financial difficulties and will permit you to pay the money in instalments. so no worries.
But it is a different matter that your CIBIL Score will be affected and this you can rectify over a period of 3/4 years.
In general , a personal loan is an unsecured loan.
In the event of the court summons issued to you, you can choose to pay the money in equated monthly instalments convenient to you and submit an affidavit to that effect in the court.
In general courts take cognizance of personal/financial difficulties and will permit you to pay the money in instalments. so no worries.
But it is a different matter that your CIBIL Score will be affected and this you can rectify over a period of 3/4 years.
Helpful?
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Adv. Rajagopalan
Hyderabad | 500+ Answers
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