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I lost my job 6 months ago and currently have 4 personal loans from Groww, Cred, and Aditya Birla. • Groww: ₹12,000 (24 EMIs paid out of 36), ₹9,600 (9 EMIs paid out of 36) • Cred: ₹7,419 (24 EMIs paid out of 36) • Aditya Birla: ₹12,300 (24 EMIs paid out of 30) I have sent loan restructuring requests to these NBFCs, but they denied the requests, stating that there is no option for loan restructuring. What can I do?
If NBFCs reject your restructure request, send them a written proposal for one-time settlement or partial payments. You can also approach the Debt Recovery Tribunal or seek relief under the Insolvency and Bankruptcy Code (IBC) for individuals. Avoid ignoring payments, as it may lead to legal notices or collection action. For further legal assistance contact us on our helpline number.