To your horror, except bankruptcy, no legal ground available. If you bounce EMI's , bank can raise demand and not illegal. You can send notice of mental harassment as bank cannot do force recovery.

On three consecutive bounce, account will become NPA, no interest and penalty charge than.

Bank recovery takes time and till than you will get enough time to negotiate and settle matter on low amount.

Until confirm offer of one time settlement not receive from bank officials,  dont do OTS. Dont rely on oral promises.

You can default but bank will take action against you for recovery. You can at the most take action against them for illegal conduct for recovery but can't avoid dues. You can declare bankruptcy at the most to avoid it

The reasons you have stated canot be an excuse for non repayment of the loan availed from the banks.

If you are mentally ill then you may not be able to post this query at all.

There is no legal solution for you to not repay the borrowed amount.

You have availed loan after being aware of the consequences for not repaying the same, hence you may be exempted or your loan would be waived especially for the reasons you have stated here.

You may request to allow you to repay the same in some easy installments, which also may not be considered 

Bank officials cannot harass you if you are unable to make timely payment of your loan amounts.

The can only take legal recourse to recover the amount.

you should consider filing a police complaint if the bank officials are barging in at your office and residential premises and trying to harass you for the offence of stalking and criminal intimidation.

You should seek rescheduling of loan to reduce amount payable per month and increasing tenure of loan 

if you have taken personal loan you are liable to repay the loan 

sending legal notice to bank would not help you in stopping the EMI

1. you cannot escape the liability of the banks on medical grounds,

2. you can ask for the settlement and make payments in EMI

1. See you cannot stop paying emi on this ground you can seek restructuring of loan and emi from.babk also you can file bankruptcy if there is no assets and income to support paying loan. Also in case you default bank shall start the recovery procedure.

Dear Madam,

It is purely a personal loan and now a days it has become fancy for the bankers to advance more and more personal loans and recovery is at risk.

They cannot do anything as per following judgement of Supreme Court. You can get issue a strong legal notice and stop them from giving trouble to you anymore . 

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 ICCI Bank Limited vs. Prakash Kaur case,

The Supreme Court in a landmark judgement  reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaulters thus forcing them to end their lives.
     
"We deem it appropriate to remind the banks and other financial institutions that we live in a civilised country and are governed by the rule of law," a bench comprising Justices Tarun Chatterjee and Dalveer Bhandari said.
     
The court while dismissing the ICICI Bank's plea refused to delete the Delhi High Court's remarks that held the bank and its musclemen responsible for abetting a youth to commit suicide by humiliating him and taking away his motorcycle financed by the largest private sector bank.
     
It also asked the ICICI Bank to to pay Rs 25,000 as cost of this litigation to the respondents within three weeks and directed the Delhi Police to conclude the investigation against the bank expeditiously within three months, keeping in view the gravity of the allegations.
     
The court also directed the concerned Deputy Commissioner of Police to submit the investigation report in the Delhi High Court.
     
According to the court, complaints received by Reserve Bank regarding violation of the above guidelines and adoption of abusive practices followed by banks recovery agents would be viewed seriously.
     
Reiterating the RBI Guidelines on Engagement of Recovery Agents, the court said, "The Reserve Bank may consider imposing a ban on a bank from engaging recovery agents in a particular area, either jurisdictional or functional, for a limited period. In case of persistent breach of above guidelines, Reserve Bank may consider extending the period of ban or the area of ban."
     
"RBI had expressed its concern about the number of litigations filed against the banks in the recent past for engaging recovery agents who have purportedly violated the law," Justice Bhandari, writing the verdict for the bench, stated.
     
RBI in a letter accompanying its April 24, 2008 Guidelines had stated that it might consider imposing a ban on a bank from engaging recovery agents in a particular area, either jurisdictional or functional, for a limited period.

Dear Madam,

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.  Getting insolvency certificate is a lengthy procedure and you may not get it.

Five rights of loan defaulters 

If you have defaulted on a loan, the rules do not give lenders a complete walkover. ET Wealth tells you what you should bear in mind if you find yourself in such a situation.

1. Right to ample notice

A default does not strip you of your rights or make you a criminal. Banks have to follow process and give you time to repay dues before repossessing your assets to realise the arrears.
Typically, banks initiate such proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests (Sarfaesi) Act. If the borrower’s account is classified as a non-performing asset (NPA), where repayment is overdue by 90 days, the lender has to first issue a 60-day notice to the defaulter.

“If the borrower fails to repay within the notice period, the bank can go ahead with sale of assets. However, in order to sell, the bank has to serve another 30-day public notice mentioning details of the sale,” 

1. Right to ensure fair value 
   
   
   

The lender starts the process of auctioning your property to recover dues if you fail to clear what you owe or respond during the 60-day notice period. However, before doing so, they will have to issue another notice specifying the fair value of the secured asset as assessed by the banks’ valuers, along with other details like reserve price, date and time of auction. “The borrower can object if the property is undervalued. He can justify his objection by conveying any better offer that he may .. have so that the bank can make a decision,” says Kulkarni. In other words, you can look for prospective buyers on your own and introduce them to the lender if you think that the property can yield a better price. 

1. Realise balance proceeds

Do not write off your asset mentally the moment it is repossessed. Keep track of the auction process—it’s easier to do so now as most lenders conduct e-auctions. Lenders are required to refund any balance after recovering the dues, which is a real possibility given that property prices can shoot up beyond the owed amount. “After recovering the dues and all expenses of conducting the auction, the bank has to refund the amount to the borrower as the money belongs to him legitimately,” 

1. Right to be heard 
   
   
   

During the notice period, you can make your representation to the authorised officer and put forth your objections to the repossession notice. “The officer has to reply within seven days, giving valid reasons if he rejects the representation and objections raised by the borrower,” 

1. Right to humane treatment 
   
   
   

Do not forget that banks are regulated entities that cannot behave like moneylenders while trying to collect dues. Following adverse reports about the conduct of recovery agents, the RBI had pulled up banks over the issue a few years ago. Banks too decided to voluntarily commit to certain best practices as part of their code of commitment to customers. 

For one, agents can contact borrowers at a place chosen by the latter. In case they have not specified a place, the agents can visit either the borrower’s residence or place of work. They are required to respect borrowers’ privacy during these visits and ensure civil and decent behaviour. They also cannot land up at unearthly hours. The window available is 7 am to 7 pm, unless the borrower’s working hours necessitate different timings. Agents cannot resort to harassment or intimidation and nor can they humiliate the borrowers or their family members.

1. You cannot send legal notice to bank for stopping your EMIs whatever may be the reason for that.

2. You should meet the bank manager and discuss your problem or to bank customer care ask them to provide a better solution so that you can come out of the situation.

3. If bank harass you through recovery agents then you can definitely lodge FIR against person calling you for harassment and criminal intimidation.

you have to pay it until it is cleared. If you are not paying it in time then you will have to pay it with delay and interest will be added. You will get legal notice that is intimation before filing a case against you, therefore try to clear as their is no other go without clearing the pending amounts

1. Illness is not a ground recognised by law to default or delay in the repayment of loan.

2. Meet the Branch Manager personally and request him to restructure the loan. If you serve them a legal notice even when you are on the wrong side of law then you will antagonise them.