persnal Loan Resechdule on EMI

Dear Mr.Bilal Akhthar It is a fundmental principle either you seek medical or legal opinion, to get better / best result you need to disclose the full facts. Particularly in legal matters, you need to be more transparent about your issue with the legal counsel. How much is the value of availed loan and how much is your (margin money value) share, @ what rate of interest the bank has lent you loan, what is the repayment period, and so far how many instalments have you paid without delay (with in the scheduled time limit,) any one has give guarantee for loan, have you given any personal security/surety to the bank for the said loan. All these things are to be disclosed to get better advise. In my opinion,if you have been paying regularly, you can ask for reschedulement and also for waiver of interest if any payable. I suppose, as per your statement you must have paid more than 50% of the availed loan amount. While asking for rescheduling the balance loan value, you need to convince the banker, how you are going to pay in future, when you say you have incurred loss in the business. Are you taking any hand loan to run the present business from friends/relatives to avoid burden of additional interest on the barrowings,all these things to be clarified to the bank. From the EMI value it appears your loan amount must be below 3 lacs. Talk to the bank officials openly and try to convince them. MAKE SURE AT ANY POINT OF TIME YOU SHOULD NOT SAY OR GIVEN IN WRITING THAT YOU WOULD NOT PAY. Keep telling them that you are ready to pay the balance and only request them to reschedule the balance and to waive the interest if any,and also tell them that you would on your own increase the EMI value, once the financial position improves.Best of luck.