What To Do Once You Are Declared As A Loan Defaulter?

What to do once you are declared as a loan defaulter?

Free Legal Advice - banking financial

Posted by: Rashmi Verma

Posted on: 2018-09-19

Ask for a moratorium period.If any action is to be taken,it should be taken before this auction. You should meet the bank officer and explain your situation, as to why you are unable to pay the EMIs as of now. Whether due to a health issue or loss of job, if it is convincing and can persuade the bank that you will get onto the track in next 3-4 months, the bank can offer a moratorium period for some months.

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What To Do Once You Are Declared As A Loan Defaulter?