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I Am Afraid of the Debt Collectors in India. – Manav


“Dear Steve,

I took perosnal loan from KOTAK MAHINDRA BANK on JAN 2008, i had my own business of computer hardware, so i was able to pay them a EMI of 14450/-. Later same year i had to close down my business.

Till april 2009 I have made each payment, since I’m working now I’m not able to pay such a big amount as EMI. I requested them for a reschedulement of my loan, initially they agreed and passed my request, they made it as 5000,9000,17500 amt for 11 months each. I was very happy.

Suddenly last week they called me and said that my reschedulement is canceled and I have to make up with old EMI amt only. I’m helpless. From past 2 days they are harassing me and my family like anything. I too have a family, I’m a married with a daughter and parents.

Please help me out. I’m worried that if they do against me legally and put me behind the bars, what will happen to my family. Im not able to sleep. please help me out.


Dear Manav,

Many of the readers live in the United States and will find it interesting that you are so scared of the debt collectors in India. Unfortunately you have a valid reason for being concerned.

Here are some recent accounts of actions debt collectors in India have used to try to collect.

  • Five unruly men banged on her door at 6am and yelled, “You bitch, pay up the money you owe!”
  • He wiped away tears as he described his son’s fear when agents came and abused him verbally last week. “He thought I was going to have a heart attack,” he said.
  • Chandra Murthy, 53, a scientist, filed a police complaint after men came to recover a housing loan. “They spat at me, took off my shirt, shaved off my moustache, cut my hair and ransacked my house,” he said.

The first step to take would be to call the bank back and try to get someone to explain to you why the revoked the repayment agreement you agreed to. If we can understand why, they we can see if there is a solution to address that situation.

Referring debts to outside collection companies to intimidate debtors is not unusual in India. The court system is jammed with suits about debt issues. So backlogged in fact that it would take decades to get through all the current cases filed.

And for those that don’t know what EMI is in India, it is Equal Monthly Installment.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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