Personal Loan Emi

SONAL (Querist) 03 March 2014 This query is : Resolved
Dear experts ,
Kindly guide me thrgh this ..

One of my friend had taken personal loan frm Kotak Mahindra Bank last year .The condition of the repayment of loan was that he would serve the bank by being employed with it and repay emi amount by part of deduction in his salary amount being credited each month.

But due to too much work pressure mental harassment he wsnt able to continue with them and in the middle of the tenure he left the job in nov 2013.But as per the agreement he is bound to pay the loan amount.
At present his financial condition isnt much stable & secondly he isnt havng job in hand...bt still he is paying the EMI amount (though not able to pay on the due date but he is making sure to pay within the month ) .
Inspite of this the bankers are sending notices , letters which is causing mental disturbance to him and affecting him.
So dear experts can u guide is there any way or solution or any kind of right exist under law through which atleast he can ask the bank to stop sending letters / notices & give him sufficient time period to repay the loan amount since he isnt hvng any job right now & have good intention too to pay the loan amount , but needs some amount of time .

Would be of great help if any one could guide & give proper advice on this matter.

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R.V.RAO (Expert) 04 March 2014
approach personally and put in a written plea through a memorandum of request explaning position and ask for reschedulement or moratorium of interest and principal loan by bank.
after the borrower secures a sound financial footing, he can start repaying.meanwhile if the bank needs any surety /guarantor for this purpose,the borrower has to arrange same.

malipeddi jaggarao (Expert) 04 March 2014
You could not withstand the work pressure. But you did not think twice about your repaying capacity before availing loan. You could not sustain the mental pressure if the Bank serves notices for delayed payments. What can you really do?

If there is delay in payment and the delay is not beyond 1/2 months, you can ignore the pressure put by the Bank. Otherwise, you can find out other source and repay the bank's loan, as your terms with Bank is not congenial as you left the Bank abruptly.