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Sir, I have taken multiple loans. After closing one loan, I borrowed another. Now the bank has sent me a notice. I don’t have enough money to repay as my salary is less than the loan amount. Please suggest what I should do.
If your salary is low and you are unable to repay loans, first talk to the bank to request a reduced EMI or extended repayment period. If not possible, you may negotiate a one-time settlement (OTS). In case of heavy debt, relief may be available under debt recovery tribunals or insolvency laws (IBC). Recovery agents cannot harass you unlawfully. For further legal assistance contact us on our helpline.