Legal Question in Banking Law in India

Personal Loan - HDFC
Hi,

I had taken a personal loan amounting to Rs.320000, EMI amounting to Rs.12004, I had paid since Jan 2008 till date, however, I lost my job during Feb 2009.

Is there a possibility of reducing my EMI because I have no income and I don't think I will get a job with a good salary to pay the same EMI.

Kindly answer me, I am in a mental trauma, I had used the money actually for medical reasons, however i am grateful to HDFC for giving me the loan, the only favour i am asking is for a reduced EMI, because I feel the present market scenario will generate only Rs.8,000 approximately as a salary per month.

Thanks ..Joe

Asked on 4/28/09, 10:01 am

6 Answers from Attorneys

Pranav Desai PD Legal & Associates

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Re: Personal Loan - HDFC

Yes you should rescheduled your loan. Though, it is the discetion of the bank to do.

Answered on 4/29/09, 7:45 am

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Rajneesh Malhotra Malhotra Advocates

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Re: Personal Loan - HDFC

Go to the bank and ask them to re-schedule your loan. Let them know what amount you can pay per month.

Dont be afraid to go to the bank, as they cant arrest you.

Work extra, tutions etc...to repay your loan.

Answered on 4/28/09, 11:04 am

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Sudershan Goel India Law Offices of Sudershan Goel - Advocate

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Re: Personal Loan - HDFC

You may negotiate your payments with the Bank - explain them the factual position and make a viable repayment plan.

Answered on 5/07/09, 11:02 pm

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Fahri Toga TOGA//OKSUZ

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Re: Personal Loan - HDFC

We think that we can help you to solve your affairs forthwith, please send us your documents or write an detailed e-mail in order to notify the circumstance. We checked over the documents thereafter, we will return your added phone number,e-mail or address,as soon as.

Answered on 5/01/09, 3:31 am

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