Haider Husain (Lead Consultant) 08 August 2014

Help me for default for the personal loan

Hi,

I have taken 3 personal loan from the following banks

ICICI bank for Rs 1300000/ EMI Rs 29913/- 4 EMI paid 2 EMI Bounce
HDFC bank for Rs 800000/ EMI Rs 19137/- 3 EMI paid 1 EMI Bounce
Citi Bank for Rs. 1000000/- EMI Rs 23168 - 3 EMI Paid 2 EMI Bounce

Total EMI for all the 3 loans comes to Rs. 72218/-
My Net take home Salary is Rs 76000/month
My obligation towards my family:
House Rent: Rs. 15000/-
Child School Fee Rs. 5000/month
Other house hold expenses Rs 12000/-

Unfortunately i have lost Rs. 3500000/- in share trading in the last 8 months. currently i am not in a position to pay my EMI.
I have requested all the banks either to reduce EMI and increase the tenure or Defer the EMI payment for 12 months or there is any other solution but no bank
is ready to do so or provide any other solution instaed they are threatening me that thay will take legal action against me and humiliate me in
public. They say that i have no other option but to pay EMI in time.

Can anybody tell me what options I have so that i could pay my EMI regularly.

Reply Follow

1 Replies

Kumar Doab (FIN) 08 August 2014

It is strange that Banks have advanced loan whose combined EMI is almost equal to income?

It is strange that you have let your EMI be equivalent to your total income.

If each bank knows by now the debt you have from other banks each bank shall be reluctant.

Your representation to banks, and response of banks to you including threats are verbal (off record) or verbal on record (audio/visual) or in writing?

If you are unable to handle the matter on your own approach your lawyer and submit structured representations to banks and bank can agree to restructure the loan.

Banks can not resort to coercion, threats.....................

You may go thru:

https://www.lawyersclubindia.com/forum/Harrasment-by-icici-banks-recovery-agents-76271.asp#.UUc5U0pFZ_4