Look for a new job as early as possible, then sit with the Bank and reschedule your loan repayment as per your new job/salary.
In the meantime, you need to request the bank to grant you the deferment of your loan installments.
Loan transaction is civil in nature which is out of the reach of police. However if you had given the cheques as security for this loan then the Bank would lodge them with the police for enforcement of payment.
Lastly, the insurance cover, only covers the death of borrower and not the loan default due to any other reason.
Here is the expert advice:
Look for a new job as early as possible, then sit with the Bank and reschedule your loan repayment as per your new job/salary.
In the meantime, you need to request the bank to grant you the deferment of your loan installments.
Loan transaction is civil in nature which is out of the reach of police. However if you had given the cheques as security for this loan then the Bank would lodge them with the police for enforcement of payment.
Lastly, the insurance cover, only covers the death of borrower and not the loan default due to any other reason.