In case of poor financial condition and inability to repay the loan EMI, first talk to the bank from where the loan has been taken.
In case of non-payment of loan EMI amount, recovery agents come to home or office and harass the person taking the loan. The biggest problem arises in the case of personal loan. Actually, it is an unsecured loan on which higher interest has to be paid. First, banks charge interest penalty for non-repayment of loan. After this the recovery agents harass. If something like this has happened to you then do not worry. According to the Reserve Bank (RBI), the person taking the loan also has some rights.
1. Talk to the bank
In case of poor financial condition and inability to repay the loan EMI, first talk to the bank from where the loan has been taken. If you have taken loan from NBFC company like Bajaj Finserv, Tata Capital, Kreditbee, Navi Finserv etc. then talk to their customer care number and tell that your financial condition is not good right now. Therefore, some time is required to pay the EMI of the loan. It would be better to explain your problem in writing so that you have proof of it. Emailing can be a good option for this.
2. Restructure the remaining amount
You can get the remaining loan amount restructured by talking to the bank. This reduces the EMI of the loan. However, the total time to repay the loan increases. The bank also benefits from restructuring the remaining loan amount because they get more money than before. Therefore, most banks easily accept this.
3. Ask for the fine to be waived
If it takes more than 2-3 months to repay the loan EMI, the penalty imposed by the bank becomes huge. If you manage to arrange funds within this time, you can ask the bank to waive the penalty. Most banks also waive this penalty.
4. Get your balance transferred
You should talk to any other bank about loan (Bank Loan) and get information about balance transfer from them. There are many banks which repay the customer's loan and give a new loan in return. Generally the loan amount is more than the previous loan. If you have Rs 3 lakh left in the loan amount, then it is possible that another bank may give you a loan of Rs 5 lakh. Before this, a demand draft (DD) of the remaining amount is given to the previous bank and the remaining amount is transferred to the bank account. With this you can also strengthen your financial position. However, in this situation the EMI of the loan increases.
5. Get the loan settled
If you are completely unable to repay the loan and do not have much money with you, then you can also ask the bank to settle the loan. In this process, the bank does not take the entire remaining amount of the loan but takes only a part of the remaining amount and closes the loan. The amount to be repaid depends on the negotiations between the loan taker and the bank. Sometimes the settlement is done only for 15 percent of the remaining amount. Due to settlement the CIBIL score gets spoiled.
complain to the police
If recovery agents harass you due to non-payment of loan, then complain to the police. Any bank or recovery agent can call or come to home/office only between 8 am to 7 pm. No agent can threaten. If it does this then complain to the bank or police.
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