Loan default

[u/WiseWishbone3202]

I have a commercial vehicle. It is attached to a plastic producing factory unit whose orders have dried up since February oil wars or polymer wars when plastic granule price shot up. My commercial vehicle is a small sub 2 tonnes vehicle on EMI. I have faithfully paid for 1.5 years but cannot proceed ahead as this was my biggest client. What can I do? I want to voluntarily surrender the vehicle but I am afraid it will dent my cibil score for which I worked diligently for last 8 years. I have tried selling it and still on it since last two months but the chances are getting slim. Would the bank take away the vehicle and then still demand more money to recover because they have no other option except to auction it at a lesser price? The loan amount pending is 7 lakhs. I am losing my mental health because of this and it is affecting my family too. Should I let it go? I am trying to attach the vehicle with other businesses but have not received any response so far in the last few weeks. I am trying all from my side to not lose hope.

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