Loan Repayment Issue
3 years ago
I had taken a loan from RBl,Kotak of about 4 lakhs. I have paid more than 15 emi's out of 60. I also have credit card outstandings and various other small loans. My salary is Rs 36,000 and my total emi is more than my salary for which I am finding it extremely difficult to pay the emi's since a month as I have no other extra source of income which I had before this pandemic. I need some legal advice as to how can I solve this debt issues. I am the only earning member.
Rishikesh Gherade
Responded 3 years ago
A.In my experience, Kotak wouldn't restructure your loan. They will issue a loan recall notice and then invoke arbitration in Chennai and subsequently 138 proceedings in Ahmedabad. Better be prepared for the incoming litigations.
Helpful
Helpful
Share
A.You can contact ur bank for restructuring the loan i.e. DECREASE OF EMI & INCREASE IN TENURE. They shall co-operate with you for the same.
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
If you realize my professional skills, the time & efforts put in by me needs to be truly appreciated, and then Please “CLICK MY LIKES/ THUMBS UP/GIFT” button shown below this reply format & also CLICK/ WRITE a “REVIEW” in 5 star as I have answered your query in detail. Hope this information is useful
ADV. ANISH PALKAR (High Court)
Helpful
Helpful
Share
A.Give your grievance to your bank and discuss
Helpful
Helpful
Share
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
You EMI cannot be more than your income, therefore you can submit the statement of account with the bank. They will decrease your EMI accordingly.
If you like my answer, please give a good rating.
You EMI cannot be more than your income, therefore you can submit the statement of account with the bank. They will decrease your EMI accordingly.
If you like my answer, please give a good rating.
Helpful
Helpful
Share
A.Hi,
It is advised to you to submit your income statement with the bank so as to let them know that you EMI is now more than your income. They will increase the time of your repayment of loan so that the cost of EMI gets decreased.
If you like my answer please give a good rating.
It is advised to you to submit your income statement with the bank so as to let them know that you EMI is now more than your income. They will increase the time of your repayment of loan so that the cost of EMI gets decreased.
If you like my answer please give a good rating.
Helpful
Helpful
Share
Read Related Answers
Multiple unsecured loan defaults
Dear Client,
Once a borrower fails to repay his debt, the Lenders/FIs initiate a routine course of action for recovery of the loan/debt from the borrower following the provision under the SARFAESI Ac...
Unfreeze
Dear Client,
Once a cybercrime scam or fraudulent transaction is reported online to the National Cyber Crime Reporting Portal(NCCRP), on the instruction of the Cyber Crime Cell, the investigating tea...
For bank loan
Dear Client,
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
Bankruptcy and Debt
Dear sir,
You may join any reputed NGO and render your personal service where you can get at least free accommodation and boarding.
Strong Legal Notice--Recovery of amount
Dear Client,
Unfortunately, there are no legal remedies for illegal issues. A contract for an illegal purpose is void from the beginning and in case such an illegal act is revealed from any source, bo...
Read Blogs on Bankruptcy and Debt
Bankruptcy and Debt Lawyers
Find Lawyers by Location
