Unable to Pay Emi's for MY pERSONAL LOAN AND CREDIT CARD LOAN
1 year ago
Dear Team, I am under debt of 28 lakh personal loan and credit card loan. I have paid all my EMI's till date by taking loan after loan but now i am unable to pay EMI's. My monthly EMI's are 1.30 lakh for all banks. I am working professional and getting 50k salary. So it is impossible for me now to pay EMI. What is the solution you can guide me. I want to repay my EMI's but i can only handle 15-20k per month. Is it possible to do or i have to default and go to the court???
A.You may ask the lender to reset your EMI for a longer loan tenure by communicating to him your inability to pay EMIs is due to a genuine reason of the short-term difficulty, you can discuss the matter with your lender. You can try to persuade your lender to understand your difficulties and convince them that you can resume your loan re-payments soon. You can show your track record of repaying your previous loans on time in order to convince the lender.
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