non paying emi
9 months ago
i have no money to pay personal loan emi because i m now jobless and in bed from backache but i will pay after 6/8 month what should i do now?
A.Dear client,
You can ask the bank in prayer for extra time to pay the debts, but you cannot, under any circumstances, avoid your obligation to repay the loan. If the Bank files a lawsuit in civil court to recover an unpaid loan from the borrower, the court may order the attachment of collateral security for both the borrower and the guarantor in order to recover the debt.
You can ask the bank in prayer for extra time to pay the debts, but you cannot, under any circumstances, avoid your obligation to repay the loan. If the Bank files a lawsuit in civil court to recover an unpaid loan from the borrower, the court may order the attachment of collateral security for both the borrower and the guarantor in order to recover the debt.
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A.Dear Client,
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated as NPA. Accordingly, Bank sends notice to Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response for the Borrower, they started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court, after hearing both parties Court may pass an order for attachment of collateral security for both the borrower and guarantor for recovery of the loan. you may make a prayer before the Court for granting some more time explaining your present financial constraints which may or may not be allowed on the objection from other party Bank. So, try to negotiate the matter with the Bank out of court on suitable terms considering its impact on your CIBIL Record and other legal consequences. Reach out to an Advocate for guidance and steps.
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated as NPA. Accordingly, Bank sends notice to Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response for the Borrower, they started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court, after hearing both parties Court may pass an order for attachment of collateral security for both the borrower and guarantor for recovery of the loan. you may make a prayer before the Court for granting some more time explaining your present financial constraints which may or may not be allowed on the objection from other party Bank. So, try to negotiate the matter with the Bank out of court on suitable terms considering its impact on your CIBIL Record and other legal consequences. Reach out to an Advocate for guidance and steps.
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