legal advice for loan default due to lockdown

Hello,

Inform them of the situation about pending dues of loan repayment. They may consider your request and grant you some time for repayment of the loan.

You may approach the Bank in all sincerity and inform them in writing the difficulties you are facing due to lockdown and propose a line of action for payment of the dues to the bank. Banks surely shall rephase the installments.  However, such rephasement  loan cannot be claimed as a matter of right, it is the discretion of the bank concerned.

yes i do endorse with experts suggestions

A borrower is only having responsibilities and liability.  He can make a request in writing to the lender stating his inability to repay EMI promptly and for rescheduling the loan in view of the genuine and unexpected difficulties.  Considering the genuine universal problem, lender should either recommend or implement the policies of the bank.

As a borrower it is your duty to repay the loan, however the current situation is not in your favor hence you are defaulting the repayment.

You may contact the lender to restructure the loan and allow you time to repay the same in future .

If it is not accepted, then you may ask them to mprovceed legally through court with a recovery suit.

By the time the court is disposing the suit, it may consume  good number of time, by which you can recover and request court to allow you to repay the same in installments.

Hello, Greetings of the day!
For the query you posted, I would suggest that:
You can move toward your bank or lenders requesting them to rebuild your loan and permit you to reimburse the same at the appropriate time in the near future. Your request for re-structure may not be acknowledged by the banks or lenders, they may ask you to reimburse the whole credit without a moment's delay. 
If the lender tortures you then you can approach the local police station and lodge a complaint against them. And, let them issue legal demand notice and follow due procedures of law for loan recovery through a court of law. The process is time-consuming and it will give you some time to recover from your present financial situation by then. After that, you can repay your debts in instalments as per the court order when the Hon’ble Court is passing a decree against you.
For Better Guidance, please consult a lawyer.
Hope it helps
Regards,
Sneha Jaiswal
Law Student
 

Well advised by experts, I agree.

It is liability of borrower to repay the outstanding loan amount, which you have become unable to honour your commitment.

Approach the financier for restructuring terms of repayment, where the lender shall positively consider your request.  

However, I do not suggest to approach police, in any case.