Personal Loan Slipping Into NPA | Vkeel - Free Legal Advice

******h

Bangalore

I have multiple ongoing loans: two home loans (HDFC & PNB), a car loan (Indian Bank), personal loans (BOB & ICICI), small loans from lending apps, and an ICICI credit card. My salary is ₹1,86,000, but my monthly EMIs have reached ₹3,00,000. I've missed 3 EMIs (BOB, HDFC), 2 EMIs (Car Loan, ICICI), none in PNB, and some app loans. BOB's branch manager warns my loan will turn NPA if I don’t pay ₹25,000 today and is threatening legal action, though my EMI due date is on Sunday. My financial struggles stem from medical expenses—my 100% disabled son, aging parents, a wife with diabetes & BP issues, rising school fees for my second son, and supporting my sister’s family. I’m overwhelmed and unsure how to clear my debts. Please help me.

Expert's Answers(1)

Kishan Retired Judge ( Advocate)
Bengaluru, Karnataka

184 Client Ratings

Dear Sir, Be informed that you cannot file insolvency petition against financial institution. The option left to you he is to face consequences as the said loans are only personal loans as such they bring only pressure and never approach any Court for recovery.

February 8, 2025