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

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