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Lost a job hence can not pay loan emi


17-Jan-2026 (In Recovery Law)
I am resident of Mira Road, Thane. I lost my job recently hence I am unable to pay my loans emi. I have taken loan of 9lakhs. Moreover my father is heart patient, I am getting harrasment visits by creditors. I would like to know how can I resolve this ?
Answers (3)

Answer #1
715 votes
Legal Options Available 1️⃣ Loan Restructuring / EMI Rescheduling You may request: Temporary EMI moratorium Reduction of EMI amount Extension of loan tenure Conversion to interest-only EMIs for a limited period Banks are legally expected to consider genuine hardship cases.
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Advocate Mahrukh Khan

Adv. Mahrukh Khan

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Answer #2
587 votes
Report harassment to the bank's Nodal Officer and RBI Ombudsman, as creditors cannot legally intimidate you. Request a loan restructuring or moratorium due to job loss and your father's health as per the concerned provisions of law.
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Advocate Pankaj Bajaj

Adv. Pankaj Bajaj

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Answer #3
715 votes
Inform the bank about your job loss and request a loan restructuring or a moratorium. Under RBI guidelines, creditors cannot harass you. If harassment persists, file a police complaint immediately as per the concerned provisions of law.
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Advocate Pankaj Bajaj

Adv. Pankaj Bajaj

LawRatoMumbai | 1000+ Answers
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