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Debt-ridden and Jobless: What Options Do I Have with Loans Over 40 Lakhs?

Milind Vadjikar |1120 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Mar 12, 2025

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by P on Mar 11, 2025Hindi

Money

My loans have crossed 40 lakhs and i dont have job. I dont know what should i do as i do not have any money to pay back. I am taking loans to repay interest for old loans.

Ans: Hello;

Sell some of your asset like land, gold or vehicle to repay the loan on priority.

Don't borrow to repay existing loans. Restructure the loans or seek a moratorium till you get a job.

Borrow funds from family and friends explaining your mistakes and promise to repay once you get another job.

Keep in mind the old saying to cut your cloth as per your size and act accordingly.

Best wishes;

Asked on - Mar 12, 2025 | Answered on Mar 13, 2025

I just wanted to follow the banks in the start but now my standard of living is also high. People are queuing to give me money thinking I am a big shot. Any body who does show-off is rich. People don't understand that he might be neck deep in loans.

Ans: Agree!

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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