Loan Emi not able to pay.please help and suggest

807 votes

In your case it's advisable to execute a settlement deed with the bank officials and in that deed write down the terms and conditions regarding the repayment of some settled amount and also the time frame when you can provide them the money. For more legal assistance I am just a call away.

Advocate Jitender Singh LawRato

720 votes

Hi, Talk to the bank representatives and borrow some time. Also give them assurance that you will return the loan, otherwise they will file court cases against you. In case the bank already filed any recovery case, represent your case with an attorney and get the matter settled. Just don't escape from the problem. Hope this helped you.

Advocate Mohit Rajput LawRato

850 votes

Please write to the bank stating your financial condition. Write the bank to renew/ alter your EMI so that you may be able to pay. You must pay into your loan account whatever amount you can be it 500 or 1000 and keep the screenshots and communication safe with you. Also you may write to the ministry of finance ask them to direct your bank to alter your EMI and also say that you are trying your best to pay, further also mention the financial condition and the reason for your financial condition (Post GST/ POST COVID ETC). Finally seek financial aid from the ministry as well for bank loan or friendly loan if any. Do not avoid the calls of the bank, tell them your condition very frankly and tell them about your email to the bank and ministry for alternation of EMI over loan. If they trouble you and send people to you from bank, then take a photo of the person, adhaar card, bank id and authority letter from the bank empowering them to visit you and talk to you about recovery of the loan. If they say you bad words or abuse you, you may record of have people hear it as witnesses and file a criminal case against them.

Advocate Maaz Akhtar LawRato