Issue with EMI payment
1 year ago
I am having issues with EMI's payment and need some advice on the same. Its not that I don't want to repay the money , its just I am in some financial crunch right now but agree to pay back the loan amount after sometime.
A.Dear client,
Negotiate with your lender – If you have been regular in paying your dues and a genuine reason has made it difficult for you to repay the loan you have the following options -
1. Deferring payment – By assessing your credit history and situation the lender may give you temporary relief to skip a month or two of EMIs. However, you will be charged a penalty during this grace period.
2. Reduction in EMI – The lender may reduce your EMI by either increasing the loan tenure or reduce the interest rate.
3. One time settlement (OTS) – The lender permits you to make a one-time payment to settle your dues by reducing the principal and waiving of the interest and charges. The OTS option drastically reduces your credit score and finds a mention in your credit report as well.
Negotiate with your lender – If you have been regular in paying your dues and a genuine reason has made it difficult for you to repay the loan you have the following options -
1. Deferring payment – By assessing your credit history and situation the lender may give you temporary relief to skip a month or two of EMIs. However, you will be charged a penalty during this grace period.
2. Reduction in EMI – The lender may reduce your EMI by either increasing the loan tenure or reduce the interest rate.
3. One time settlement (OTS) – The lender permits you to make a one-time payment to settle your dues by reducing the principal and waiving of the interest and charges. The OTS option drastically reduces your credit score and finds a mention in your credit report as well.
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A.Dear Client
Then for that you need to approach you bank and not a lawyer. You should talk to your bank, apprise them about your situation and seek their help on this.
Then for that you need to approach you bank and not a lawyer. You should talk to your bank, apprise them about your situation and seek their help on this.
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