What to Do If You Default on a Personal Loan in India: Legal Remedies and Your Rights
In India, personal loans from banks or NBFCs (Non-Banking Financial Companies) are often availed for emergencies, education, weddings, or medical expenses. However, due to unforeseen circumstances like job loss, illness, or financial hardship, many borrowers end up defaulting on their EMIs. When this happens, lenders often resort to legal notices, harassment by recovery agents, and…