Banks give loans and they need to collect EMI as agreed. Incase if they are not able to collect 3 EMI's it will become NPA (non performing asset), as per RBI rules for Banks.
If any client not pay regular EMI as per the due date, they appoint recovery agency to collect the amounts. If you don't pay, they have pressure from their official's to collect at the earliest. That's why they send a person for meet and collect, as per his information they do next step by depositing the Cheque and go Legal Action as per their Banking Guidelines.
They are going to update the CIBIL and Credit rating agency about your account. (No other banks give any type of loan including credit cards).
You took loan from Bank on EMI basis, you must have a repayment plan too. You have to make alternative arrangements / plans to repay in EMI.
Other option you can settle the loan amount as OTS (One Time Settlement) at the earliest.
Simply I can't pay now is not the right answer. Business loss is yours only. Please do have a plan to run your Business or do a job to repay Bank Loan. I don't know your age but, I can think you are around 30 years, you must have atleast another 20+ years. Please cheer up, do think to earn money pay at the earliest.
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