Loan repayment issue

Querist : Anonymous (Querist) 22 February 2019 This query is : Resolved
In a dream of succeeding in the share market and buying a home and making my sisters marriage. I have taken a total 10lakhs personal loan from two banks CITI and HDFC. I have paid 7 months emi but now i lost the amount in trading.Being an BPO employee My salary is sufficient for the home rent and house hold expenses. Currently I am in a position I cant even pay the EMI and credit card outstanding . At this point of time I have my old parents dependent on me. Please suggest a way to get out of this situation. I still wana Live and take care of my parents.I have no assets as well even for settlement.

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Sudhir Kumar, Advocate (Expert) 22 February 2019
If you want oans beyond repaying capacity then you are not likely to get without decption first come clear how you got loans so heavy that you cannot pay.

Querist : Anonymous (Querist) 22 February 2019
I got an email stating preapproved loans from two banks and I applied for both at same time and they got sanctioned.

Dr J C Vashista (Expert) 23 February 2019
Whether you have availed the loan or it is still disbursed ?

Querist : Anonymous (Querist) 23 February 2019
I took It and lost in share trading.

H.M.Patnaik (Expert) 23 February 2019
While sanctioning your loan, the concerned banks must have assessed your income and repayment capability. Since , you have availed loan,it must be against your Salary income under personal loan segment. So, in case of default, banks have means to realise their dues by attaching your known source of income. There fore, be in touch with respective bankers and rephase your loan installments as per your means rather than evading them.