Questions & Answers
Can the bank file a case for delay in paying one EMI of my personal loan?
I am G. M. T. and I am holding a personal loan with a bank. My amount to be paid is nearly 50000 dirhams and my monthly EMI is 3060.
I am facing irregularities in my salary and I manage somehow to pay my bank EMI on time by end of the month.
Now this month (April 2022) EMI I failed to pay by the 5th and I am asking for time till Friday before the EID holidays but the bank is threatening me that they will file a case if I won’t pay it by today.
Will I go to jail if the bank files a case against me for just one EMI pending?
I am worried if my family has no one there to take care of them. We are struggling with daily expenses but still, I manage to pay my bank.
Please advise what to do.
Kindly visit your bank and show them the proof of your irregular salary which they can themselves see in your bank statement.
Since you have not deferred in payment of your EMI, you can request them to consider your situation.
At the same time try to get a letter from your HR proving that there has been an irregularity in the payment of salary from the employer proving that you are not intentionally delaying the payment of loan EMI.
Hello T.,
For just a single due payment they won't be filing a case against you. Alternatively, talk to your bank to restructure your personal loan.
Loan restructuring is a process in which borrowers facing financial distress renegotiate and modify the terms of the loan with the lender to avoid default.
It helps to maintain continuity in servicing the debt and gives borrowers a certain degree of flexibility to restore financial stability.
