Hi All,
I am seeking advice.
I'm currently having personal loans from HDFC, ICICI and Axis bank amounting to 30 Lakh. I've completed over 1 year of emi payment, however I've been struggling with making emi payment since last 6 months but i did managed to pay these EMI from my vehicle sell n pf balance. In these 6 months i was very bad at job and also went on leave without pay multiple time, even for whole month. Second earning source was stock market where I've been making continuous losses, but still I'm optimistic that i will make money from stock market. Now given the situation, I've been asked by my company either to join or leave, so i left the job and started full time with stock market income. Now much success so far in stock market.
But now there are no savings, no of balance, no property or even house on my name. It's just a 1 lakh rupees in my demat account as a trading capital.
November month I've not paid anything toward emi. Past 6 months all these EMI were bouncing but had cleared them within same month by means of spending all my saving pf vehicle. But now I'm now willing to pay anything towards EMI untill unless i make extra money in stock market for the EMI. So I have put all my faith in stock market for primary income source and no job with salary.
Three loans were offer based, i jist clicked a few button on internet banking and in next minute money in my account, one loan was process based with physical verification n all but i did not give any blank cheque to any of the banks.
At this moment, i hope i will make huge money in stock market as I've already lost 70+lakh there so reverse can also happens. Only thing is i won't make any payment to EMI until there's good news.
Already told banks I'm not having job now and now onward wornt be making emi payment until i get enough money witch i can spare toward emi.
I understand the personal loan is unsecured then why should I be worried about any legal action against me? Please guide.
