I have a loan with Citi of 2,50,000 and credit card outstanding with HDFC bank of 4,15,000. I have not paid since April 2020 due to COVID and medical reasons and do not think I can for another year. I am salaried. I have the below 2 options on my mind. Kindly advise how I could proceed with each of these.
1. How can I avail an extension of moratorium for atleast one year without the interest getting accrued. What are the documentations or how do I request the bank to grant me the extension because I have spoken to the collection and customer departments of both banks but they say it is not possible to extend the moratorium but I think as per the circular if the bank wants they can extend it for upto 2 years.
2. In case of settlement, I can try arranging upto 20% of the principle amount for both the banks. Again, how can I get the bank to agree on this settlement amount. Both the banks are asking for atleast 70% of the amount for settlement.
Any other suggestions besides the above 2 would also be most appreciated. Thank you.
A.no bank will agree for 20%
recovery agents might agree for that.
citi loan is also credit card.
they can convert the loan to emi in settlement.
Hope this clarifies,
Advocate Ankur Goel
(Complete Law Shield) #YourLifeYourChoice
Note - This is just a small advice. Proper advice can happen only after going through details.
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the loan amount must be repaid by the legal heirs of the deceased or the nominee by the deceased if the assets would be frozen by the bank. there is no other legal remedy to non payment
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