What should I do to negotiate a loan settlement with the bank?
I have a personal loan of 25 lakhs, taken due to a medical emergency. I am unable to pay the EMI now as it has become a burden. Could you please help me negotiate with the bank for a loan settlement?
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Advocate By LEAD INDIA
Answered: 31 Mar 2025
You can request a loan settlement or restructuring from the bank. Submit a formal application explaining your medical emergency and current financial situation. Consider negotiating for a reduced payment or EMI moratorium. If the bank refuses, consult a legal expert to file a complaint with the banking ombudsman. For further legal assistance contact us on our helpline number.
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