Couldn't pay EMI on time? So you have these legal options...
If you are also not able to pay the loan EMI on time due to some reason, then there is no need to worry. In today's economic conditions, many people are facing this situation. A question arises as to what legal options are left for a person if he is not able to pay EMI.
First of all, if you are not able to pay your first installment, then first of all you should immediately go to the bank that gives you the loan and talk to the manager there. Many times, on telling the reason for not being able to pay the installment on time, the manager can apply to hold the monthly installment for a few months. With this application, you will get relief for a few months and later that amount can be paid when the money is arranged. However, the manager's discretion works to a large extent in this.
Is it a criminal offense to miss paying EMI in India?
Missing EMI payments is not a criminal offense in India. It is considered a civil offense. If a person fails to pay his EMIs, the bank or financial institution can take legal action against the person, such as filing a civil suit to recover the loan, seizing property, or affecting the credit score. However, if a person takes a loan with fraudulent intent and then does not pay the EMIs, it can be seen as a criminal case and an FIR can be filed.
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