Questions & Answers
Restructuring loan installments with a bank after salary deduction
Dear Sir,
I am requesting your advice regarding my case of Bank EMI default.
I had availed a personal loan of AED 1,60,000/- from a bank in October 2019 and my company has reduced our salary and made a deduction of 70% until March 2021.
After that, I might lose the job as well. I am unable to pay the EMIs and afraid that the bank might put a legal case against me for non-payment of installment and apply a travel ban as well.
Kindly advise if there is a way I can pay a fine and close this case.
Dear questioner,
Do you already have defaults in paying for the loan?
Anyways, you must contact the bank, inform them about your situation, submit all documents attesting to your salary deduction and try to renegotiate the terms of your loan as the amount of each installment may be extended for more years than was initially agreed, etc.
The bank can not be obliged to accept new terms, but they can consider your situation and agree. It is worth trying.
If you wish to check your records' status in the UAE, we can assist and perform a travel ban check n your behalf.
Should you require further assistance, please feel free to email me.
