Unable to pay emi

Subject: Legal Guidance Needed for Inability to Pay EMI Due to Financial Hardship Dear sir I hope you can provide me with some legal advice regarding my current financial situation. A year ago, I took a loan of ₹10 lakhs under the PMEGP scheme, split into ₹6 lakhs as a term loan and ₹4 lakhs as a cash credit (CC) loan. Unfortunately, due to substantial business losses, I am no longer able to make the EMI payments. To make matters worse, I have six family members to support, and the financial strain of household needs is overwhelming. There was no mortgage or guarantor for the loan. Given my current circumstances, I am unsure of the legal options available to me. Could you advise on what steps I can take to manage this situation? Is there a possibility for restructuring the loan, or any other legal avenues I can pursue to prevent further financial and legal consequences? I would appreciate your guidance on how to proceed. Thank you for your help. Sincerely, Irfan Ahmad Shiekh