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Personal loan - job loss and unable to pay emi
14-Oct-2023 (In Civil Law)
Hello Sir/Mam,
I had taken a personal in the month of march 2020,
I had taken the loan moratorium for 6 months. But in the month of August I lost my job due to the pandemic.
I'm unable to pay my emi, but I managed to pay my emi for sep with great difficult.
Now I'm unable to pay personal loan due to job loss as I'm still unemployed. The loan restructuring is still not rolled out from the bank and I'm getting calls from the Collection team.
I tried explaining my situations but they are not understanding.I have told them that once I get job I'll start paying. They are telling me to pay the emi and even if one month emi is not paid a legal action will be taken.
What should I do in such situation.
Please advice.
if you lost due to covid 19 reasons then you can file petition for insolvency petition in civil court otherwise they will call again again you they will give so much tourcher they won't ask any reason ethir you need give police complaints
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Adv. Shankar Bandi
Bangalore | 400+ Answers
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What will happen if I am unable to pay my personal loan?
The personal loan becomes a non-performing item if the default continues, and three EMIs have been missed consecutively. A drop in credit rating is the most severe penalty for not repaying personal loans. Transunion Cibil will be updated by each lender on the repayment history of an individual. 21-Dec-2022
What is the legal action of not paying a personal loan?
The Negotiable Instruments Act of 1881, Sections 138 and 139, allows lenders to bring a lawsuit against you. They can also send a legal notice to the loan defaulter. If the lender believes you have been a deliberate defaulter they may also proceed to criminal charges under Sections 403 or 415 of the Indian Penal Code 1860.
What if I lost my job and I cant pay my personal loan?
Inform your lender as soon as you can about your situation. There are many lenders who offer temporary relief or loan restructuring options for these situations. 31-May-2023
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.
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