Legal Question in Banking Law in India

Unable to pay EMIs for 2 Personal Loans

Hello, I have taken 2 PLs for my family's medical ailments in Sep 2006; one of Rs. 1.5 lakhs & second of Rs. 2.5 lakhs. I had paid around 7 EMIs and then I was in severe financial problems as my Salary was reduced, job is still there.

Now, banks are calling me; but I'm unable to pay the EMIs as they are more than my current salary.

If I go to the bank for loan period extension, will they hear me?

Or do I have to ask any lawyer to represent me to the Bank?

I can pay half of the original EMIs.

Also, ICICI Bank (Rs. 2.5 lakhs wala), they have not sent me the Loan Details. I am unable to go to the Bank as they ask me Loan Number; what to do?


Asked on 4/27/09, 6:23 pm

5 Answers from Attorneys
Fahri Toga TOGA//OKSUZ

Re: Unable to pay EMIs for 2 Personal Loans

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.

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Answered on 4/28/09, 2:50 am
Pranav Desai PD Legal & Associates

Re: Unable to pay EMIs for 2 Personal Loans

There is no need to represent yourself through a lawyer to appear before the bank. You can very well go to the bank and request them to reschedule your loan. You can find out your loan number from the bank.

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Answered on 4/28/09, 8:14 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Unable to pay EMIs for 2 Personal Loans

You may try to negotiate with them; there is no law mandating them to hear you.

yOU MAY write to the Bank asking for required information. no lawyer may be required at this stage, you may handle the issues directly with the banks.

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Answered on 4/28/09, 1:03 pm
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: Unable to pay EMIs for 2 Personal Loans

approach the Bank

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Answered on 5/11/09, 8:49 am
J. Radhakrishnan independent Practice

Re: Unable to pay EMIs for 2 Personal Loans

Better approach your bank with a request to restructure the loan repayment. You can do so with the help and assistance of your lawyer. The matter has to be sorted out with your bank. No point in posing these problems in this forum

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Answered on 4/27/09, 9:25 pm


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