Dear All,
Earlier My friend has a good salary i.e ( 25k ) PM and he taken the Personal loan amount of Rs,300000/- for which he used to pay 6k every month as loan amount. but due to economic melt down he lost his job and now he got the new job i.e Govt Job and per month his salary is 10k which is showing in payslip also and he got the bank statments of the bank which he is paying of EMI every month.now pls advice can he ask the BANK people to reduce the loan EMI every month.coz after deduction of loans etc by hand he is getting only 4k PM.and due to his luck he has stood the guarntor for one chit and the principal borrower expired. they are also forcing and filed a case in the court to pay the EMI-amount every month.
Pls advice how much deducion of salary can be made as per the statutory law....atleast he can manage with 4k amount now if other people also start harassing my friend what are the steps he needs to take to safe guard himself.
How much salary deduction is permitted as per the law ? how much salary he should get by hand ? Pls advice.
Thanks
Aftab
