What if I can’t repay loan after business failure?
I took a loan for my business in the share market, but I lost all the money. Now, I’m a salaried employee earning ₹65,800 per month, but my EMI is ₹1,23,000. I’m unable to repay the loan. What legal or financial help can I get?
1 Answer
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Advocate By LEAD INDIA
Answered: 16 May 2025
Since your EMI is much higher than your salary, you can request loan restructuring or settlement with the bank. If lenders do not cooperate, consider filing for insolvency under the Insolvency and Bankruptcy Code for individuals. A lawyer can guide you in court to protect your income and stop harassment or legal action. For further legal assistance contact us on our helpline number.
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