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I have 3 personal loans that have not been paid for more than 3 months. Banks are chasing me, and I am answering their calls, but I am unable to pay. They are asking for a settlement, but I don't have money. I have paid 69 EMIs out of 180. I have never missed a payment but cannot go for a settlement. I asked to convert all the loans into one loan with a smaller EMI, but the bank says there is no provision for that. Also, my CIBIL score is low. How can I legally proceed to convert these loans into one small EMI with a 7-year duration?
You can try negotiating with the banks for a loan restructuring or consolidation, which may reduce your monthly EMI. You can request a restructuring plan based on your current financial situation, but if your CIBIL score is low, banks might be reluctant. Consider consulting a financial advisor or a lawyer for further legal options. For further legal assistance contact us on our helpline number.