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Folks - if you can't pay back your EMI, please create a new bank account at a different bank (Kotak, IDFC and a few others allow it to created online) - https://www.idfcfirstbank.com/content/idfcsecure/en/open-savings-account-online.html
Also notify your lender that you are unable to pay your EMI and to not auto-debit.
Also notify your lender that you are unable to pay your EMI and to not auto-debit.
Context: https://www.livemint.com/industry/banking/emi-crisis-creeping-up-on-borrowers-11607439634488.html
Also notify your current bank to not honour any auto-debit from the lender as the loan is under negotiation, and thus to not charge you auto-debit fees.
Then keep zero balance in that account. Get your lender to negotiate, reduce rates, and give you more time.
Then keep zero balance in that account. Get your lender to negotiate, reduce rates, and give you more time.
Note: only do this if you cannot pay. The RBI has given banks and financial institutions a mechanism to renegotiate such loans without calling it an NPA. As a stressed borrower, you must force them to take this route (they won't do it willingly; they don't care about you)
The RBI notification: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11941&Mode=0
Specifically note that you can do the following. And also, you MUST apply by December 31.
Your CIBIL score will obviously be affected but please note that if you are getting hit with auto-debit fees because you don't have enough money, your CIBIL score is shit anyways.
