Demand Notice Sent By Bank On EMI Default For 6 Months

My loan amount was INR 130000 and I repaid 20 EMIs out of 36 and last 6th month I was unable to pay EMIs due to unemployment. The bank has now sent a demand notice. What can I do?

Answers (2)

Saachi Khurana

Saachi Khurana

  • Sector-1, Noida

You can send the reply to the legal notice sent by the bank stating your issues to them and then wait for their reply or if they proceed with the court proceedings then you can contest it.

Answered on 27 Mar 2020


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Saachi Khurana

Saachi Khurana

  • Sector-1, Noida

You have to pay the remaining EMI for the same but but if you continue to default for six months, the bank will take over your house. And they can file DRT case against you

Answered on 25 Mar 2020


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