Personal Loan ECS Mandate
Hi,I have taken below 3 loans
Home loan tenure (15 years)
Axis Bank : 55 lakhs
Since 2015 i am repaying it with zero defaults Balance 39 lakhs
Personal Loans (tenure 4 years)
Yes Bank : 15 lakh(Balance 6 lakh)
HDFC Bank : 20 lakh(Balance 8 lakh)
Since 2017 Oct i have been repaying it with zero defaults
I have left on in 2018 and started my own business, unfortunately, biz is not grown to the expected level and I am not withdrawing any salary hence whatever reserves i had is fully exhausted .
The situation got worsen because of COVID as existing business is also down by more than 60% hence business is also facing cash flow issues .
I am planning to dispose off one of may land around 20 lakh to clear the 50% of hoime loans which might take few months to get the buyer.
Time being i will continue paying the Home loan installments but wish to stop Personal loans ECS.
I am planning to settle personal loans full amount after a year or so when my situation imprves.Since these personal loans ECS are linked to my bank account my bank has refused to revoke the ECS. Is there any way to stop the PL ECS .