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Sir, I am facing EMI default issues with around six personal loans. It has been seven days since the EMIs became overdue, and I am currently unable to make the payments due to a financial crisis. The total EMI amount has exceeded my monthly income. This is the first time that my EMIs have bounced. In this situation, can I request a moratorium, loan restructuring, or settlement from the lenders? What should I do?
Since this is your first EMI default and the delay is only seven days, immediately contact all lenders in writing and explain your financial difficulties. You may request restructuring, revised repayment terms, or a one-time settlement, depending on the lender's policy. Avoid ignoring recovery calls and try to regularize the overdue EMIs promptly to prevent further penalties and adverse impact on your CIBIL score. For further legal assistance contact us on our helpline number.