Loan payment deferment

Irfan Mulla (Querist) 11 September 2024 This query is : Resolved
Dear Sir/Madam,

I hope this message finds you well. I resigned from my job due to a dispute over leave taken for health reasons, and I have been searching for a new job for the past two months. Unfortunately, I have not secured any employment yet and I am currently serving my last month with the company.

I have a car loan with the bank and a good credit record. However, as I will not be receiving a salary this month, I am concerned that this may negatively affect my credit score and result in recovery agents contacting me.

I would like to inquire if there is any provision to request the bank to defer my loan payments for three months. Once I secure a new job, I will be able to resume my EMI payments.
I would greatly appreciate your swift response and suggestions in this matter.

Thanks and Regards
Irfan Mulla

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Quick Summary

If you've recently lost your job and are struggling to make loan payments, you may be able to request a deferment from your bank. While a bank typically offers loans based on employment and salary, they might offer a grace period for payments in difficult circumstances. It's advisable to speak directly with your bank to discuss your situation and explore options for deferring your EMIs until you secure new employment.

T. Kalaiselvan, Advocate (Expert) 11 September 2024
The bank has offered loan on the basis of your employment and salary income only. If yo are not employed and not able to pay the loan amount then the bank will take legal action against you for recovery.
You can approach your bank to discuss the possibility of deferring your payments. Given the situation, the bank may allow you a grace period. But once this grace period is over, your EMIs will resume.

kavksatyanarayana (Expert) 11 September 2024
Yes. You meet the BM of the bank discuss your problems and request a time to repay the loan. The bank may give either two or three months. If you fail to repay, the interest accrues more than the principal amount.

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