One of my friends told me that its possible to defer or stop personal loan EMI's for 3 months when you have a tight situation.

I tried to use it and called up HDFC, Fullerton, Sundaram Finance and other personal loan vendors and was denied this option. Either the policy does not exist, or they don't want to allow clients to use it.

I could not find any more details on their websites either.

I think the only way is to default on your personal loan EMI, with no balance on your savings account. When they call to make payment, say you cannot pay for the next 3 months. And i am sure they will come to an agreement. But, be aware that this will affect your CIBIL credit score in a bad way and may affect your future loan prospects like home loans.

I was told by my friend that it is possible to defer or stop loan EMI in-case of Home loans.

I am planning to close of all my personal loans and Car Loans with the help of gold assets. Its definitely not a good idea to go for personal loans. I unfortunately got forced into it. I repent for having got into it in the first place.

I have decided not to take any more loans for the rest of my life to live Free.