Legal Question in Banking Law in India

Re: Unable to pay personal Loan EMIs due to Job lost

You may send the loan amount as early as possible or send a simple letter stating the real facts to the bank and took some time.

Re: Unable to pay personal Loan EMIs due to Job lost

You may need to return the loan amount as early as possible; preferably by selling any of your assets.

you may meanwhile inform the lender of your situation and request not to present the cheques; however you may need to offer them a viable proposal for liquidating their dues even if you may have no income.

Re: Unable to pay personal Loan EMIs due to Job lost

Make a poignant appeal to the Bank chairman with copies to the concerned branch, explaining your present indigent circumstances and requesting them not to present the PDCs as those would not be honoured on account of your financial position. perhaps the Bank may try to give a plan for payment in instalments. Otherwise, the Bank may go in for presentation of the cheques and try to harass you. This is nothing but cause and effect and Karma. We may suggest you apply for insolvency, but that would bar you from getting employment, unless the employer is convinced of your fitness and ability to cope with the offered job.

Re: Unable to pay personal Loan EMIs due to Job lost

Wel!! legal notice may detoriate the position. You may have to approach the bank and request them to reschedule your instalments. Usually banks do consider such requests from clients.