What To Do When You Can't Pay Your Loan?


BANGALORE: Almost every common man in his life opts for a loan, at least once to serve any immediate or long-term requirements. The procedure is simple; the lender allows you the sum on terms, conditions and EMIs for a limited period of time that could extend from months to years.

But hard luck, in case, if you are not able to pay your EMIs, reasons could be anything say you lost your job or business or anything. Then what could be done in such an extreme situation? Follow these 6 steps to handle your loan commitments as compiled by Yahoo.com.

1. Don’t Skip From Your Lender

First of all walking away from your lender won’t resolve your problems, instead it would create more. If you do that than your co-lateral possessions pledged against the loan may be immediately seized and you won’t even get a chance to apologize in that scenario. 

2. Negotiating Might Prove Beneficial

The very next thing, what you can do is settle up a meeting with the bank or the lender and talk to them about the issue as why you are not able to pay the loan installments right now, if it’s really genuine then the lender might think about some mutual agreements. 

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