Often due to financial crunch, we need to take a loan, but if you are not able to pay the EMI on time, then the bank will declare you a defaulter, let us know the complete information in the news.
If you have bought a vehicle by taking a loan, but have not been able to pay the EMI, then the bank can declare you a defaulter or can take away your vehicle and once this happens to you, you Forget about taking a loan from the bank for the rest of your life.
Defaulter Blue According to RBI rules, if by any means you are not able to pay the EMI for 90 days then you will have to pay the defaulter loan and you will become NPA i.e. Non Performing Asset. After this, a notice is given to the customer and he is asked to pay all the previous EMIs in one go.
But if you still do not pay it, then your case reaches the court. In case of not paying the EMI for five months, after giving the first notice, if nothing happens for two months, then you may have to go to the court. But before that a legal notice is sent.
First of all, let us know when car loan default occurs. If you fail to deposit the loan installment of the bank more than once and still you have not been able to go to the bank and pay your EMI, then in such a situation the bank will give you time which is It is of 30 to 60 days so that you can avoid being included in the list of defaulters.
Although the word defaulter does not have any fixed meaning, it has been used in different contexts. But its general meaning is that if there is a delay of 30 to 60 days in the repayment of one or more installments of the loan, then you are declared a defaulter and once you are included in this list, you can repay the amount to the bank at any time. Cannot take any kind of loan from.
How can you protect yourself?
When you feel that you are not able to pay the car loan installment, then call the bank honestly and tell it clearly the reason for the delay in payment. It is possible that you will get the benefit of being honest and will find some other solution by agreeing with the bank.
Try this also
You can request your bank to extend the loan tenure. For example, if your loan tenure is 36 months, you can try to increase it to 48 months. This will reduce the burden on your pocket every month.
Defer
You can request your bank to defer the EMI. This may allow you to pay the current month’s EMI later. You can explain to your bank that paying the current month’s EMI later will give you a lot of convenience in paying the recent month’s EMI.
Get the bank EMI payment date changed
Late charges have to be paid if EMI is paid late. Which you can request the bank to remove. This will help you make payments on time and the bank may be willing to do so.
