Unable to pay emis on personal loan. What are my options ?

[Urbanguru9234]

U

Urbanguru9234
PARTICIPANT
April 5, 2025 at 11:46 am

I’m unemployed currently and due to illness unable to get a job in the near future. I have 2 personal loans worth 1L and 1.5L from Kotak bank. Emis are 27k and 19k for 6 months. This is the 1st month. I’m unable to pay so. What are my options? Will the bank be able to extend the time period, that is start collecting after 6 months if I request so ?

Share

[Mightywolf202]

M

Mightywolf202
PARTICIPANT
April 5, 2025 at 11:57 am

Speak with bank manager first and work out something since you intend pay at a later date

Share

[Braveninja1446]

B

Braveninja1446
PARTICIPANT
April 5, 2025 at 12:06 pm

Connect with bank and inform them and if still they unable pause your EMI then inform RBI ombudsman and also try to email this to nodal officer from bank for future references

Share

[Coolowl7566]

C

Coolowl7566
PARTICIPANT
April 5, 2025 at 3:33 pm

What’s the purpose of informing RBI ombudsman and the bank’s nodal officer?

Share

[Bravesachin924]

B

Bravesachin924
PARTICIPANT
April 5, 2025 at 12:31 pm

Banks have an option to pause your instalments. If valid reason is provided

Share

[Author]

Posts