INCOME TAX9 Sept 2026
Can’t pay your car loan EMI after a job loss? Experts suggest what borrowers should do | Mint
Losing your job does not mean you will default on your car loan. Experts say contact your lender before you miss an EMI. Lenders may offer restructuring, longer tenure, or a short break. Check your savings and insurance first. Keep some cash for household costs. Acting early protects your credit score and helps you borrow in future.
Key Statutory Highlights
- Car loan interest rates across major banks and NBFCs range from 7.35% to 14.05% per annum.
- For a ₹5 lakh loan over five years, EMI can range from about ₹9,983 to ₹11,647.
- Experts advise contacting your lender immediately after a job loss and before missing the first EMI, as lenders may offer temporary relief, restructuring, tenure extension, or short moratoriums.
Actionable Advice for Taxpayers / Founders:If you lose your job, contact your lender right away before your first EMI is due, and keep your termination letter and bank statements ready to discuss repayment relief options.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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