Not abel to pay the dues due to Job loss

consult local lawyer and send legal reply to the notice and fresh notice to the bankers for harassment through their agents. But it is your duty and liable to settle the dues .

Hey, 

As such you are liable to make payment on time. But, you can try to approach the manager of the bank branch from where you got the loan to give your extra time under humanitarian grounds. If that doesn't work, then there is no other option than to pay. For the legal notice, you can send a reply from an advocate and claim extra time as well and negotiate if they agree. 

But then again, these all things are purely dependent on the discretion of the creditors. 

Both Central Government and RBI have directed banks and NBFCs not to harass borrowers who went jobless due to COVID 19.  Search for the exact copy of such guidelines or obtain from any bank/NBFC employee and send a notice to those that are harassing you, to stop harassing you due to the present pandemic and in view of the Central Govt/RBI directives.

Yes. RBI has issued directions to all banks to treat lockdown pefriod as extentions of time schedules fixed for loan repayments. You may apply to your bank for extention of time for paying the EMI or loan installments which they are bound to acceed. 

You may reply to the legal notice. The creditors have option to resort to legal means. But harassment (esp. of the family members and children) does not have the sanction of law.

Hello, Greetings of the day!
For the query you posted, 
First, I would suggest for the legal notice which you got by email. With the help of a local lawyer send them the reply of the legal notice and request them to give some additional time to negotiate. If they agree, then you will get relief for some time but if they deny, then you have to face legal consequences of it. Secondly, the other lenders who are harassing you, complaint against them or send them a fresh legal notice to repay in the stipulated time. And, you can also draft a promissory note which is a financial tool that carries a written promise to repay the said amount in the stipulated time, if the debtor agrees to it. But if you fail to pay a promissory note then again you have to face the legal consequences. It is only your duty to repay the amounts, either today or tomorrow. So, it’s better to settle at the early stage, to avoid legal proceedings at the latter.
Hope it helps
Regards,
Sneha Jaiswal
Law Student
 

You can approach your lenders  requesting them to restructure your loan and allow you to repay the same in due course of time in the near future.

Your request for re-structure may not be accepted by the lenders, they amy insist you to repay the entire loan at once.

If any lender or all of them resort to illegal activities to recover the loan amount by sending goons to your house or threatening over phone etc., you can issue a legal notice to the lender company/institution instructing them to refrain from indulging in such illegal activities or else to face consequences of criminal law for this illegal activity.

If they still continue to torture you then you can approach police in the local and lodge a complaint against the torturing agents.

Let them issue demand notice and follow due procedures of law for recovery through court of law.

The process is time consuming  and would give you breathing time to recover from your present financial crisis by then.

After that you can repay the debts in installments as per court order when the court is passing a decree against you, which would take at least two to three years from now.

@Sneha Jaiswal: And, you can also draft a promissory note which is a financial tool that carries a written promise to repay the said amount in the stipulated time, if the debtor agrees to it.

Neither there is such a need or practice of giving a promissory note as known to me.  This Process is unheard of.  A mere AOD is enough for any financial institution during the limitation period.

When both GOI/RBI issued directions to Banks/NBFCs to go each with such recovery and re-schedule the loans, there is nothing to be worried of, and just giving the letter for rescheduling due to pandemic and unemployment serves the purpose.

@G.L.N. Prasad Thank You Sir for guiding me.

Regards,

Sneha Jaiswal 

Law Student