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Personal loan not paid after tenure period

Querist : Anonymous (Querist) 21 February 2024 This query is : Resolved 
Sir i have taken personal loan in NBFC.and unable to paid the EMI even after tenure period..the legal team saying notice had been issued ..i lost my job..and having health issues to my mother..can I have a solution please
kavksatyanarayana (Expert) 21 February 2024
Legally no solution. You consult the Manager/Branch Manager of NBFC and request him to give you some more time. Who is the guarantor for that loan?
T. Kalaiselvan, Advocate (Expert) 21 February 2024
This is not only your case, most of the people take loan, spend them irresponsibly and when the repayment part comes they come out with various reasons just to avoid the repayment.
If you wee not capable to repay the loan then you should not have opted for the loan.
At this stage the lender would initiate legal action as per law, hence you may have to approach the lender for solution because you cannot get any respite from legal forums
Sudhir Kumar, Advocate (Expert) 22 February 2024
pay the loan. No way. bank is not responsible for your loss of job or health.
P. Venu (Expert) 22 February 2024
You are liable for clearing the loan. If not, they can proceed against you. However, they cannot harass you.

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