1) request bank to reschedule the loan by increasing the tenure
2) mention that you have paid loan EMI for period of 2 years nad just 2 EMI are pending which you cannot pay as you lost your job
3) bank would accept your offer
Personal loan default in payment of emi
I have taken a personal loan from a Private Bank. Due to job layoff I need 3-4 months time to regularise the emi payments. Till date only 2 emi are pending. Loan is continuing from last 2 years & the emi were being cleared as per standing instructions from my salary account. Can I get a breather for atleast 3 months to bring the same on track? Please guide, whom should I write or what should I do.
Asked 8 years ago in Civil Law
11 Answers
can I ask the same thing (breather for 3- 4 months) for my credit card due payment of the same bank ??
Asked 8 years ago
1) bank would levy you interest at 36 per cent for your oytsnaidng dues of credit card
2) further impose penalty on you
Whom should I approach in PL dept of bank- Collection Manager or some other official? Should I visit the PL dept of bank at Kolkata ? For credit card should I write to them at the HO or send a mail??
Asked 8 years ago
For credit card dues pay the minimum Amount due
2)no need to send email
3) for personal loan approach bank branch which sanctioned your loan . Send letter to manager of the bank
Hello,
You should write to the HO and for the breathing period you can approach the PL department of the bank who has approved your loan.
Regards
You can ask them seeking relaxation of payment.
However if they refuse to grant the same do not default in making the payment.
Since only 3 EMI is due if you default they would impose lot of penalty making great loss to you.
You can give it in writing an application to the branch manager about your concern...he may grant you the grave period while not effecting your cibil..
1. Defaulting loan is declared as Non Performing Asset (NPA) if EMIs or at least interest portion of the EMIs are not paid continuously for a period of 3 months.
2. After the account is declared NPA, the bank starts SARFAESI proceedings to tale possession of the mortgaged property.
3. So, do not allow the account to be declared as NPA for which you shall have to deposit at least interest portion of the EMIs to ensure that the bank can not declare your account as NPA.
4. If you deposit at least one EMI after 2 months or at least the interest portion of the EMIs ever month, you can easily escape the recovery proceeding to be initiated by by your lending bank.
5. Please note that it is a short time measure only and not a permanent solution.
6. If there is no property mortgaged with the bank, you can write to the bank for the breather after following the above steps.
1. In credit card outstandings, there is no mortgage of properties.
2. So, you can seek write to the bank for the said breather.
1. For the personal loan, write to the Branch Manager of the Bank.
2. For the Credit Card outstanding, you should write to the collection manager under copy to the Branch manager.
3. You should send snail mails as well as emails to the concerned officials as suggested above.
You should approach the bank with an application to restructure the loan explaining the circumstances under which you are forced to approach them for this privilege or concession.
It will be discretion of bank to accept your request or not.
1. You can get a breather only if the bank reschedules and restructures the EMIs, not otherwise. So go and personally meet the bank manager and explain him why you want the EMIs to be rescheduled.
2. Writing will not suffice, you need to go and meet them personally. If you merely write an application it will be futile.
