What can I do in case i cant repay loan


I took a loan. Now since the past 4 months i have not paid the EMI. i am under financial distress and cant pay the loan amount. What can i do.

Answers (1)


276 votes

Dear Querist,
It is sad to know your situation. Never mind, face the situation boldly, go the financial institution / Bank and take all the proofs of financial distress, explain to them the situation and tell them that you are willing to settle the amount. Try to get sufficient time from them and seek loan thro friends / relatives and settle the matter.
If it is a loan by mortgage security they may sell the property and adjust the loan, if not, they will try to recover money from u thro selling your movables.

Pratap, Advocate



Pratap, Advocate


Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

Popular Recovery Lawyers


Advocate Rajesh Rai
Sector-19, Dwarka, Delhi
20 years Experience
Advocate Sunil Kumar Bakshi
Sector-16, Faridabad
33 years Experience
Advocate J. P. Rinwa
Swej Farm, Sodala, Jaipur
19 years Experience
Advocate Jaspreet Singh Rai
Greater Kailash 1, Delhi
17 years Experience

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 Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or contact a Lawyer of your choice to address your query in detail.

Related Questions


"LawRato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."



Related Articles