Car loan settlement enquiry


#1

Hi I have taken car loan for 60 months and I have manged to pay 53 EMI and Left with 7 EMI due
I was unable to pay which accumulated to overdue charges and bounce charges I Went bank to retail asset center and asked to for settlement they declared an amount and hardly gave 15 days time to settle the money but Iam still unemployed and able to arrange for the money what I can I do furher about this ? please advise


#2

Hi jmayil,

You should, of course, speak to your bank and ask them for more time. Most banks do make exceptions in some cases. First, talk to them to see if they will extend the loan tenure and reduce the EMI. Extending the loan tenure by another year or so will help you repay the loan.

You can also check for the present interest rates for the loan. If interest rates have fallen, you can request that your loan be given the benefit of lower rates. Speaking to your bank and explaining your situation is the first thing you must do in case you are unable to pay your EMI. Then, explore options for restructuring your loan.

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Cheers,
BB Expert