File an.application before your bank to restructure your loan in case they deny or fail then they can start recovery proceedings befor civil court.

You can file Insolvency Petition (IP) at a district court where you are residing. File an insolvency petition showing reasons for your default in clearing off your debts and show your increasing of liabilities after the loss of your job along with an interim application for stay of your arrest/civil imprisonment till the adjudication of the insolvency petition. Contact a local lawyer and take his help for further process.

If you do not pay you my consecutively your account will become NPA. Thereafter, bank would initiate recovery proceedings against you.

You can't do anything your credit will be spoiled and you will be prosecuted by bank

You can apply for bankruptcy 

apply to bank to reschedule your loan increase tenure of loan as you have lost your job 

Dear Sir,

You can take some concession in payment of EMI's which is in the description of bankers.  Secondly you may seek waiving of some amount in interest and principal and go for settlement. 

A person who is under stress due to non-repayment of loan, face further nightmares answering these question. Defaulting on loan payments triggers fear. No doubt.

But it must also be remembered that there are rights of a loan defaulter as well. Banks (lenders) cannot start arm-twisting the defaulter.

POINTS TO REMEMBER:

1. 
   Why a loan defaulter needs protection: Because there may be a ‘genuine problem’, due to which one is defaulting on loan. In the court of law, genuine reasons are given due weightage. It is true that banks will not allow their money to let-go easily. A due course of action will take place. But if one is unable to pay personal loan EMI (say), this does not make him/her a criminal. Read more about What to do when loan EMI is very high.
2. 
   Loan defaulter will not go to jail: Defaulting on loan is a civil dispute. Criminal charges cannot be put on a person for loan default. It means, police just cannot make arrests. Hence, a genuine person, unable to payback the EMI’s, must not become hopeless. There are rules which will help the defaulter to negotiate with his/her lender.

After 3 consecutive default, account will turn NPA, no interest charge, than will get lot time to repay.

You should find another job and start paying your EMIs otherwise your creditors will declare your account as NPA and start recovery proceedings against you. 

Losing the job cannot be claimed as an excuse for not repaying the loan.

It becomes your duty to repay the loan amount, however since you have lost the job you may have to better talk to the lenders and seek time for repayment , if they dont agree, then you may ask them to proceed through court of law, where you can have sufficient time to repay the same.

They should  be paid through your savings or else the bank can initiate proceedings against you.

- As per law, you are bound to repay the loan amount due to excution of agreement between you and the lender.

- But, you can posponed the repayment till the getting job.

- You should inform the bank for your inability , and request for more time to repay.

- If , the bank/lender is not agree to give time, then dont worry and let them to start legal action against you.

- FIrstly, the bank will issue demand notice prior to take legal action from the court . You should reply the same after narrating the whole story of lost of job. 

- Even, if the bank filed a case before the Court , you will get much time to repay the said loan amount and to settle the matter.

- If bank official/people are harassing , then you should do the following for your safeguard.

1. You should lodged a complaint at the police station for harassing , as law not permits anybody to take the law in his hand. If police refuse , then you can approch the magisterate for the same.

2. You can file an injunction case againt the bank and its recovery agents for the direction of not visiting the house for the recovery of dues amount of loan.

3.You can file a complaint with the RBI . 

Dont worry , In this way , the bank will itself give mcuh time for the re-payment . 

Good luck and dont forget to rating Positively.