LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Kripa S (Recruiter)     26 December 2011

Two month emi is panding, hdfc loan what bank will do??

Hello every one please guide me.

I have taken personal loan from HDFC bank in 2010. i am payeing EMI regular but some resoan i left my job i have allready payed 60% ammount. now two moth EMI is painding and i am not able to pay that in time. i will pay ASAP to countinew monthaly ammount. but right now i am two month back. and bank is harressing me to pay that painding EMI. feb 2012 is my last emi. emi ammount is monthly 7081.00 PM, now i am working and earning littile ammount. What should i do i am frusted. can any one please tell me the leagal action time period and When i will lost my credit if i can't pay more 2 or three month????




 6 Replies

ABHIJEET PARIKH (Bcom LLB MBA)     26 December 2011

there is now-a-days credit rating agencies if u lapse d 3rd emi they will likely to inform these agencies which will record it and in future ur loan taking ablity will be severely impacted in future.

if they harass u by sending goons then u file police complain otherwise u dont much left to be done u better pay it


RAJU O.F., (Advocate)     30 December 2011

If the loan is defaulted for 90 days or more bank can classify that a/c as NPA.  Hence remit atleast one instalment immediately to avoid NPA.  Once NPA bank can take action under SARFAESI Act.

G.L.N. Prasad (Retired employee.)     11 February 2012

Write a pleading letter explaining the circumstances under which you have defaulted payment of EMI, it shows your sincerity and awareness.  They may even reschedule if your request is genuine. However your letter should be genuine and must disclose your sincerity, so that they can reschedule or provide a fresh loan depending on circumstances in a different head before it becomes NPA.

Kumar Doab (FIN)     16 February 2012

Submit your letter under acknowledgment with seal and signature of BM. Meet them and explain the matter in person and submit minutes of discussion under acknowledgment. Maintain proper record. As you are willing to repay bank must consider to reshedule.

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE )     16 February 2012

Meet them and explain the matter they will reshedule it since amount is small and it is not worth for them for legal proceddings.

jitendraww   16 December 2016

all is not lost! It is very possible, with some discipline, to rectify the situation. PersonalFN will lay out some simple steps that you can take if you ever find yourself or a friend or loved one in this situation.

Step 1: Don't Panic

This is not a rare situation. Banks have customers who default on payments all the time.
It might feel like you are alone, but you aren't. There's no need to feel like you have a great weight on your shoulders and you have to bear it by yourself. In fact, your bank will be the first entity willing to help you. Defaulting on your loan, even if it is a home loan, is not the end of the road.

Step 2: Get Your Papers in Order and Call Your Lender

Create a file containing all your past EMI payment details, notices sent to you by the bank if any, details of the loan i.e. date of taking the loan, tenure, interest rate, EMI amount and so forth. Have this handy when you talk to your lender. Tell your lender the genuine reason(s) that have rendered you unable to pay the EMIs, tell them that you would like to pay your loan back as soon as you can, and ask them what their options are.

You will most likely get an initial automated response that reads something like this:

"Dear customer,

We would like to work with you on the issue of your loan repayment - request you to write to us at customercare@abcdbank.com with your loan account number, contact details and the reference id ABCD00001111. A bank representative shall contact you as soon as we receive this information.

Regards, Customer Assistance, ABCD Bank"

Once you revert with the necessary details, you will get a call from your bank and can set up a meeting to calmly and rationally discuss your options.

Step 3: Consider Your Options, in Dialogue with Your Lender

Can the bank repossess your asset i.e. your car or your home? Legally, yes they can. But there are a couple of reasons why you don't have to necessarily worry about this.

Firstly, the repossession procedure in India (and in fact elsewhere in the world as well) is very lengthy and there are steps along the way where you and the bank can work together to come to a satisfactory deal.

If you have paid your EMIs on time until now, the bank knows you as a genuine borrower, and will take this into consideration when working together with you to find a mutually feasible solution. 'Genuine intent' to repay is the single largest thing that will work in your favour. Be sure to make it very clear to your bank that you do intend to repay and would like to work together to find a solution.

Genuine reasons that banks understand are loss of a job, illness, or an accident that may render you unable to work. You might also have multiple loans, and find yourself in too much debt to handle.

Secondly, the bank doesn't want to repossess your assets, it wants you to pay the money owed, or at least most or part of it. If you default, the bank's NPA ratio (Non Performing Assets) goes up. This reflects badly on the bank. Also, they lose out on the money you would have paid them. So the bank will much prefer to cut you a deal.

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register