Personal Loan settlement with ICICI & HDFC Banks

[mpadiyar]

Hello,

I have taken up a personal loan of 1 Lakh (11% reducing) with ICICI and 1.5 Lakh with HDFC (10% reducing)

Both loans were or 36 tenured months, HDFC was for a monthly EMI of Rs.5274.00 and ICICI was for a monthly EMI of Rs.3321.00.

I have paid the loans for both banks up until March 2008, which means out of 36 EMI's I have paid 17 EMI's.
Which means 19 EMI's left in both bank's.

I have not been able to pay up since then, due to no JOB and back up.

I am facing major financial crisis due to family reasons, So I want to know if there is anything I can do to settle this loan for a much lesser amount.

I also had a HDFC credit card with a due of 42 K.

If you can please advice me the steps I need to take to get out of this loan problem.

I will look forward for your reply.

Many Thanks.

[cardbhai]

1. You can approach BCSBI Details http://credit.cardbhai.com/2009/12/how-to-settle-credit-loan-defaults.html

2. You can try consolidating the Loans, but chances are grim that anybody will take Bad Debts. Try directly negotiating with the banks.

Best,
CardBhai