What to do if you lose job and have a pending bank loan

Dear Questioner,

Thanks for contacting.

As you lost the job, you can contact the bank with a request for rescheduling or restructuring of the loan with a lesser EMI and long duration so that you can manage to pay it.

Otherwise, the bank will deposit the security cheque if you fail to make the payment of the EMI for 3 consecutive months or more.

And if it gets bounced there are chances of having criminal and civil cases against you. I think this information will be ok for you.

Please feel free to contact me on my phone if you need any further clarification or explanation.

Regards,

Anitha Rajeev