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quesUnable to pay bank loans

I have taken credit card and my car on loan from 2 reputed banks and now I am unable to pay the loan. The bank are threatening me in terms of legal notice & police cases. sir presently my condition is very bad & i am not in position to pay back my loan. please help me what should i do. ?

  • ansThe bank may take possession of vehicle and auction it at a throwaway price to recover the amount of loan along with interest. This cannot be successfully preempted.
    For your credit card payment you may request the bank to reschedule your balance amount in easy installments.

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