RBI – Today in this news we are going to tell you that if you are not able to repay the loan and any recovery agent is harassing you, then what can you do and what are the rules? Second, if you are unable to repay the loan, do you have any option? Let us know the guidelines of RBI and High Court in the news below.
Taking loan from the bank has become easier than before, every day one gets a call for loan from some bank or the other. Now the loan is available but due to some reason you find the loan not being repaid (Loan Default), then the recovery agents sent by the bank start harassing you. Threatening, abusing and misbehaving on calls day and night.
Here we will tell you two things, one, if you are unable to repay the loan and a recovery agent is harassing you, then what can you do and what are the rules? Second, if you are unable to repay the loan, do you have any option?
Recently, Patna High Court issued an order saying that no bank can seize the car of a loan defaulter through recovery agents or goons. If someone has taken a car on loan and is unable to repay the loan, then the car cannot be confiscated from such goons, banks will have to follow the law for this.
RBI has also issued guidelines for recovery agents, which banks have to follow.
– Recovery agent cannot threaten the debtor
– Can’t fight, abuse
– Cannot insult the debtor among friends, relatives or in public
Even the bank and recovery agent cannot call, message, email or reach the debtor’s home at the desired time. For this, RBI has fixed the time from 8 am to 7 pm.
If the recovery agent violates the guidelines then the banks will also be held responsible for it.
You will ask who follows these guidelines, then if any recovery agent is harassing you then lodge a complaint against them in your nearest police station, action will definitely be taken. If you can submit any video, photo, call record of the misdeeds of these recovery agents, it will be more beneficial.
What can you do if you are unable to repay the loan?
Now let us know what you can do if you are unable to repay the loan. If you miss any EMI, the bank reminds you through call, message or notice, the same happens if you miss the second EMI, but the EMI is missed again and the bank starts taking action.
The bank also charges you for bouncing EMIs and charges more interest on your interest. Then your case is transferred to a recovery agent.
-If you are unable to repay the loan, the bank can file a civil case against you, in such cases there is no criminal case.
– If you are not able to pay the EMI due to any reason, then first of all, without fear or taking any other step, go to the bank and tell them your problem. The bank’s intention is not to trouble you by giving you a loan, the bank is here to earn. He just wants the money to come back somehow instead of losing it. It is possible that the bank itself may show you a way.
– Then you can request for moratorium from the bank, that is, if you can arrange the money later, because sometimes it happens that due to medical or other emergency, you are unable to pay the EMI for some time, So request the bank to put a stop on EMI for some time, although it completely depends on the bank whether it agrees to your request or not.
Apart from this, you can request the bank to increase the tenure of the loan and reduce your EMI.
– If the loan giving bank is very strict then you can get your loan transferred to some other bank, if this happens then the other bank can give you some concessions.
– If you are not able to pay the EMI of more than one loan, then you can club both or all three loans into one, that too can give you some benefit.
Apart from this, you can also get the loan settled, it means that if your loan is of two lakh rupees and at present you have 50-60 thousand rupees, then you can get your loan settled by paying that amount, but its disadvantage is that That means no bank will ever give you a loan again.
There are other disadvantages like CIBIL score will deteriorate, your loan guarantor will be affected. We have made a video in detail about loan guarantor, the link of which will be found in the description, you can watch it.
Keep in mind that loan recovery agents adopt many tactics, they have no authority other than talking to you, so do not fall prey to their words.
