Have you taken a loan from the bank and are having trouble repaying it? So don’t worry. The bank or its recovery agents cannot unnecessarily disturb you. You have some rights, which are very important for you to know. If you know your rights, then no bank employee will be able to disturb you and you will be able to handle your situation better.
People often take loans from banks for their big needs such as car loans, children’s education, marriage, business or home loan. Banks also offer various types of loan offers to woo customers.
Taking a loan is a big responsibility, which has to pay an EMI every month. If you are unable to give installments on time, the bank reminds you by calling or messaging. However, many times the bank’s recovery agents also seem to intimidate the customers, which is wrong.
RBI rules for your safety
To protect against similar problems Reserve Bank of India (RBI) strict rules Are made. The bank has the right to recover its money, but they have to follow the rules:
-
Time Rules: Any officer or recovery agent of the bank to you Can’t call before 7 am and after 7 pm,
-
Rules to come home: They can also meet or come to your home at the same time (between 7 am to 7 pm).
-
If the rules are broken: If a bank representative violates the time-limit (ie at night or in the morning very early or comes home), then you Can complainYou can also demand a penalty on the bank.
Nobody has the right to abusive
The most important thing, No bank officer or recovery agent can use you abusive, abusive or threatened languageThey cannot harass you mentally or physically.
-
Complain: If a recovery agent or bank employee abuses you, you immediately Complain him in the bankIf you want, you can also file a complaint with the police. It is the responsibility of the bank to take care of the customer’s honor.
What happens if the loan is not repaid (correct procedure)?
If a customer constantly 90 days (About 3 months) does not deposit his loan installment, so the bank Legal notice Sends Even after this notice to repay the loan to the customer 60 days more time Are being given.
-
Last step: If the customer is not able to deposit money even during this period, then the bank to recover its money Last step As soon as taking a loan, one can sell the mortgaged property (such as home, car etc.) according to the law. But this process takes place under the rules, and there is no place for misconduct.
Therefore, if you are unable to repay the loan, do not panic. know your right. Talk to the bank and try to find a solution. If someone bothers or threatens you, do not hesitate to complain.
Can’t repay the post loan? Don’t be afraid! Learn your rights, banks cannot bother first appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
