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I took loan from ICICI bank of 9Lakhs for 60 EMIs, I paid 24 EMI, Now I'm in position canot repay the loan EMI. I want to settle my loan for lesser amount. Please tell me the process of doing it.
You wold do well to talk to ICICI directly. But you need to know that failing to pay or entering into a settlement will have a negative impact on your credit score for seven years at least. Instead you may want to think hard and consider how to increase your income, raise some funds to reduce your outstanding and also work out a longer repayment with lower EMI. After all, you may want to borrow again in a couple of years. You do not want to be rejected by lenders at that stage or charged a higher interest rate.

If you are Mumbai, we would strongly recommend that you seeks FREE counselling from our advisor on Friday afternoon between 5 and 7 pm to evaluate your options. If you are outside Mumbai, you can call and speak to him on the phone, after keeping some basics about your repayment and income ready. In either case, you can fix an appointment by calling 4920 5000.

We hope you find this useful.
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