Most people today opt for EMIs to buy vehicles and houses, which need to be paid on time. But a large section of customers get the finance done, but due to non-payment of EMI on time, the defaulter is declared. Today, this article of ours is for such people, who in common life get into debt of the bank or finance company, and keep looking for ways to get relief from it.
First of all, you should remember that the borrower of the loan is not called a defaulter if he does not make the payment in the first month. In such a case, if the EMI has not been paid from the borrower’s account for more than 90 days, then it is made NPA Non-Performing Asset. If you do not know, then tell that NPA means that you have not paid 3 EMIs in a row.
1. If you are not able to pay the EMI under any circumstances, then the first thing you need to do is to contact your bank or finance institution. You can get rid of the interest on you by telling the bank the justified reason for not paying your EMI.
3. Well, now the most important thing is if you have not paid your installment even after 3 months, then people hired by the bank or finance company for recovery can harass you. By circling your house everyday, these people make it difficult to get out of the house with your vehicle. In such a case, you can avoid them for some time by luring them with a few rupees, but they will trouble you again if the pressure of the bank comes.
2. If the bank or finance company has rejected your appeal, and the check is continuously bouncing from your account, then you do not need to worry about it for 2 to 3 months. Instead, you can prepare to pay the EMI for the fourth month, as we have already mentioned that not paying EMI for three months is not a legal offense.
3. Well, now the most important thing is if you have not paid your installment even after 3 months, then people hired by the bank or finance company for recovery can harass you. By circling your house everyday, these people make it difficult to get out of the house with your vehicle. In such a case, you can avoid them for some time by luring them with a few rupees, but they will trouble you again if the pressure of the bank comes.
4. In such a case, it is advisable that you pay the EMI anyway. If the EMI of 3 months is finding you heavy, then you can get rid of this mess for some time even by paying 2 months installment. At the same time, in such a case, you can also do the settlement from the bank, for which you will also be given a few months’ time. You have to deposit the EMI or the agreement amount with the bank within the time given by the bank. However, this damages your credit score.
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