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Is there a problem in filling the EMI of Personal Loan? Such should be out of debt trap – India tv hindi

by Aaryan Srivastav
March 27, 2025
Is there a problem in filling the EMI of Personal Loan? Such should be out of debt trap - India tv hindi

Photo: File Personal loan

Suddenly, we are unable to repay the EMI of our loan due to the sudden job, business stopping or any financial crisis. In such a situation, you do not have to get upset. You can get out of the debt trap by adopting some measures. Many times people take another loan to repay one loan and then to repay the second loan. You should never do this, otherwise you will be caught in the debt trap. Let’s know what to do when you are unable to repay the loan.

Ask for some time from the bank

For any reason, if you are not in a position to repay the loan, first talk to the bank or NBFC company from which you have taken a loan. You can get some help by talking to the bank. In case of non-payment of EMI of the loan, e-mail the bank or if possible, go to the branch and meet the officer of the loan department from where the loan is taken. You can take relief from EMI for some time by talking to the bank. Give the bank information about your situation and tell it clearly how long the EMI of the loan cannot be given. Given your situation, the bank decides whether it will give you time or not. You may ask for 1 year discount to repay the loan of the loan, but the bank refuses to give this time or the bank gives you more time to repay the loan.

Restructure the loan

If you do not have as much amount as you do not have to pay EMI, then you can also get the loan restructure by talking to the bank. In this, the EMI of the loan decreases but the duration of repayment of the loan increases. Suppose, a person took a loan of Rs 5 lakh for 5 years. The person was giving an EMI of about 11 thousand rupees every month. He continued to pay the loan EMI on time for 3 years. When the financial situation deteriorated, he asked the bank to restructure the loan. The bank further increased the remaining amount for 5 years. In such a situation, where the person was earlier giving EMI of 11 thousand rupees, he may now have to give EMI between 6 to 7 thousand rupees.

Get the balance transferred

Many banks also facilitate the loan amount to balance transfer (BT). In such a situation, banks offer more money as a loan. This ends the old loans and the new loan starts. Also, the person taking the loan gets more money, which he can use to improve his financial condition. There are also many banks that offer loans at a lower interest rate than the old bank. It would be better to choose such a bank for BT. Banks can also get loan and credit card loan bt. However, many banks do not include loans taken from NBFC company in BT.

Get loan settlement

If a person is not paying EMI even after repeated calls from the bank, then the bank can ask for settlement. This is called One Time Settlement (OTS). In this, banks do not take the remaining amount of loan, but only take 10 to 50 percent and forgive the remaining amount. Most of the banks give 1 week time to pay the amount tax.

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