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Personal loan default
Question
have taken loan for my business (share market), But unfortunately, I have lost all my money and now not in a condition to repay any loan. I am currently working as salaried person getting Rs 65800 as monthly income. However, my loan EMI is now 123000 which I will be unable to pay.
Answer ( 1 )
Without looking into the terms and conditions of the loan settlement, the advice will be subjective. Since you are admitting that the loan was availed, was it a secure loan? if yes then the asset which was secured will be taken away and the debt will be set off against the sale of the secured asset. however, if it is unsecured loan, the bank (assuming its a bank) will file appropriate proceedings by declaring your account as NPA and will proceed thereafter as per law.