{"id":5148,"date":"2020-03-30T20:36:51","date_gmt":"2020-03-30T15:06:51","guid":{"rendered":"http:\/\/blog.ruloans.com\/?p=5148"},"modified":"2020-03-30T20:36:51","modified_gmt":"2020-03-30T15:06:51","slug":"who-exactly-is-a-defaulter-in-a-personal-loan","status":"publish","type":"post","link":"https:\/\/www.ruloans.com\/blog\/who-exactly-is-a-defaulter-in-a-personal-loan\/","title":{"rendered":"Who exactly is a Defaulter in a Personal Loan?"},"content":{"rendered":"\n<p>Today we will discuss in detail\nregarding who is a defaulter in a personal loan! But before we could do so, let\nus understand the working of a personal loan.&nbsp;<\/p>\n\n\n\n<p>What\u2019s a personal loan?<\/p>\n\n\n\n<p>A personal loan, as the name suggests is\na loan that is given for people to solve their expenses\/problems. Also called a\nmulti-purpose loan, you can get this unsecured loan from major banks and NBFCs\nin India without keeping any collateral.<\/p>\n\n\n\n<p>What is the requirement for a personal\nloan?<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>There is personal loan eligibility that is set by each Bank\/NBFC. As a salaried employee or a self-employed professional, you must ensure that you fulfill each criterion so that you can get the best deals on personal loan interest rates. <\/li><li>If you opt for a personal loan on a specific interest rate and in some time, a new Bank\/NBFC is offering lower rates than your bank, then you can opt for a personal loan balance transfer and switch the outstanding loan amount with the new Bank!<\/li><\/ul>\n\n\n\n<p>Who is a defaulter in a personal loan?<\/p>\n\n\n\n<p>A defaulter is an individual,<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Who has missed out on paying one or more EMIs deliberately?<\/li><li>Who has absconded from his current location and has not paid his dues.<\/li><li>Who has no money\/bankrupt and cannot repay any amount.<\/li><\/ul>\n\n\n\n<p>What happens when someone defaults on a\npersonal loan?<\/p>\n\n\n\n<p>The Bank will look to sort this issue\nand try to recover as much money as it can before classifying this as a bad\ndebt.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The Bank might take the help of a third-party debt collector to collect the debt from you. You might receive calls, emails, visit on your doorstep for the third party to collect the pending loan amount.<\/li><li>If you had taken the loan and kept any asset like a vehicle\/property as      collateral, then the Bank has all the rights to seize your property. <\/li><\/ul>\n\n\n\n<p>What must be the ideal thing you should\ndo in such a situation?<\/p>\n\n\n\n<p>Just contact your lender!<\/p>\n\n\n\n<p>Yes, we know it sounds funny but there\u2019s\nnothing better than doing so. When you contact your lender and discuss the\nwhole scenario, they will look for a solution so you can clear off as much debt\nas possible.&nbsp;<\/p>\n\n\n\n<p>The Banks might give you a discount up\nto a certain month where you don\u2019t need to repay EMIs. They can also reduce the\ninterest rates and increase the loan tenure so you can pay a lower EMI amount.<\/p>\n\n\n\n<p>We hope through this blog post, you have\nunderstood the concept of defaulting on a personal loan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today we will discuss in detail regarding who is a  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