It’s an absolutely disastrous idea. When taking a loan, you agreed to repay a certain amount in a certain time as per mutual agreement.
If you are in a very difficult financial situation, immediately contact the bank or financial institution from which you borrowed the loan. Explain your situation in detail and try to defer or reschedule EMI payments. There is also an option of one-time settlement with bank where the amount payable may be reduced under certain scenarios.
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