Personal loan issue

rohit kumar (Querist) 12 August 2014 This query is : Resolved
Hi,
I had taken a personal Loan from HDFC Bank in Nov. 2012 of Rs. 735000, EMI = 17679 PM. I had already paid 33 EMI's till date ,27 EMI are pending (Approx Principal pending is Rs. 4 Lacs), now I am not in situation to continue paying the EMI further. What is the best solution I can have, as really cant afford to pay the EMI in current situation.

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ajay sethi (Expert) 12 August 2014
make an application to bank to reduce your EMI .bank can reschedule your loan . if you fail to pay bank will take recovery proceedings against you

Rajendra K Goyal (Expert) 12 August 2014
The rate of interest on personal loan is very high. If you discontinue the EMI even for few months, it would be very difficult to come out of this mess. Better arrange money by disposing any of your asset and clear the loan.

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