What can I do if I can pay 50% EMI?

You can formally request your lenders for a settlement or restructuring, though NBFCs are not legally bound to agree. If they refuse, approach a financial advisor or file an insolvency application under the Insolvency and Bankruptcy Code (IBC) if your debts are unmanageable. Avoid default to protect your credit score. For further legal assistance contact us on our helpline number.