Legal Question in Banking Law in

hi, i have taken a pesonal loan of 3 lacs in october last year . I am paying emi regularly till now. due to recession i have lost my job 3 months back and i m jobless till now. It is very difficult for me to manage loan emi as i have family to take care of and my earnings are not sufficient now a days.

What actionable should i do as i m not able to pay emi till i get a good job as i have fair intension to pay back emi. my cibil is excellent till now as i have paid all credits on time. please suggest as if i stop paying emi what bank will do. Is there is any way wherein i can convince bank to stop emi for some time. Please advice


Asked on 8/25/10, 7:04 am

3 Answers from Attorneys
Vishwa Arya Arya & Co.

normally there is no scope in personal loan. It will be in your favour to talk to the bank and send a written request to higher authorities to re schedule your emi

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Answered on 8/25/10, 7:16 am
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

the emis cannot be stopped but you may wait for the bank to initiate legal action and before the court you may express your inability to pay the outstanding and seek further time.

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Answered on 8/25/10, 9:54 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

You should contact your bank and try to negotiate for a mortarium / deferrment of the loan for such period as may make you comfortable to meet your obligations.

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Answered on 8/28/10, 1:52 am


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