Legal Question in Credit and Debt Law in India

Personal Loan

Can I request the lending bank to reduce payable EMI for sometime?


Asked on 2/08/09, 2:36 am

2 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Personal Loan

You may make a request to the lender; however, the lender may not be bound to alter the agreement executed earlier.

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Answered on 2/08/09, 8:48 am
SHIVA SHANKAR REDDY M/S S&S LAW FIRM

Re: Personal Loan

This is not possible as far as banking laws are concerned because the lending by bank to any customer is based on fixed set of rules and regulations applicable to all borrowers as whole and cannot be altered for one individual,but if you are regular payee of loan taken and maintain a good track of banking transaction with the lending bank then you may seek some wavier or request for altering the EMI .

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Answered on 2/08/09, 10:59 pm


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