What to do if car is taken by bank due to non payment of EMI due to covid-19 situation?
I took a top up loan on my car..car valuation was around Rs. 4lacs but due to y previous loan and repayment records and CIBIL score bank offered me a loan of Rs. 830000/-. The tenure was of 36 months, in which i have successfully paid 13 EMI and then from march-2020 it was impossible for me to pay any EMI due to covid-19 situation and my business operations were fully closed and currently also its not moving as expented.
I had 3-4 loans from the bank since 2012-2019 (valued around 10-15 lacs) and i have regularly paid every emi without any delay then. For which i was offered the current loan amount which is exceeded twice of IDV of the car. They are saying we don't consider your previous records with us.
Today the bank officials came and told me no moratorium was applied on me and from EMI from march 2020 to august 2020 (i.e. 6emi) is pending. Total outstanding is around Rs. 700000 approx (including 6 months emi which is pending). Please suggest me, as me and family members are dealing with lot of financial as well as mental pressure. Help me please.