Emi relaxation

Nitin (Querist) 12 August 2025 This query is : Resolved
Hello experts,

I have taken 3 4 personal loans from apps live Aditya Birla, Paysense, Navi, BajajFinserve. EMIs were going well but from last 3 months I lost job as many in IT. Now it is becoming difficult to pay EMIs. The day EMI bounces, the recovery agents call and threaten to come home and recover their way.
I want to ask if there is any way I can ask Loan companies to give me relaxation for 2 3 months and till then I will join another job? Is there any legal provision?

Thank you.

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Quick Summary

If you're facing difficulties paying personal loan EMIs due to job loss, you can try requesting a temporary relaxation from your lenders. While there's no legal mandate for loan restructuring, explaining your situation might lead to an amicable settlement, such as deferred payments. If lenders are unwilling to restructure and pursue legal action, you can petition the court for permission to pay in instalments. Remember, proactive communication with your lenders is key.

Isaac Gabriel (Expert) 12 August 2025
You can seek time to repay the EMIs. explaining your predicament. But you think of alternative means to settle it.If no security is given, the banks might consider your request and relax the EMI and suitably rearrange.

kavksatyanarayana (Expert) 12 August 2025
You can request the authorities of financial institutions and inform them of your problems, asking for some time to repay the EMIs. Legally, you cannot avoid it, and an amicable settlement is preferable.

T. Kalaiselvan, Advocate (Expert) 13 August 2025
You can approach the concerned institutions with request to oblige explaining your situation, however it is purely their discretion.

Nitin (Querist) 13 August 2025
I will approach lenders explaining my situation. Thank you experts.

Nitin (Querist) 24 August 2025
I got reply from lenders like this -

This is with reference to your email regarding the Loan Restructuring.
As per the RBI guideline the loan restructuring was offered at the time of pandemic (Covid-19) and we regret to inform you that currently we are unable to provide Loan Restructuring.

What other way can be there?

T. Kalaiselvan, Advocate (Expert) 25 August 2025
The restructuring of loan is purely the discretion of the lenders and there's no rule mandating it.
If the lenders are approaching court of law for recovery then you can request court to permit you to pay in easy installments.

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