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Loan Recovery Laws In India: If you have taken a loan from any bank or financial institution and are you being troubled to repay the loan. Are you getting worried about the behavior of loan recovery agents? Then this news will prove to be of your use. You also have some legal rights, with the help of which you can complain about them and take action against them.
RBI has also warned
Let us tell you that the Reserve Bank of India recently asked all the banks to improve the behavior of their loan recovery agents. Attempts have also been made to prevent incidents of threatening, harassing, misuse of personal data of customers taking bank loans. In this regard, RBI has also issued a new circular for banks and financial institutions.
Complain to recovery agent
If you are troubled by the misbehavior of bank recovery agent then you need not to fear rather you should raise your voice against it. RBI has made some rules on this matter. Under these, if a bank threatens the customers in case of non-payment of loan money. So the customer can complain about it to the police. You can demand penalty for this.
what is the rule
If you do not pay two EMIs of your loan, then the bank first sends you a reminder. The bank will send you a legal notice for non-payment of 3 consecutive home loan installments. Also, if you do not pay the EMI despite the warning, then you are declared a defaulter by the bank. After this the bank starts the recovery of the loan from the customer.
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This is how loan recovery happens
If a person is unable to repay the loan, the bank starts the recovery. In this, the bank first resorts to the non-judicial route and secondly through the judicial process. Legal rights and obligations of customers to be respected during recovery as per RBI guidelines
how to complain
If the loan recovery agent of the bank intimidates or threatens you about the loan, then you should complain about it to the bank as well as the police station. Let us tell you that not being able to repay the loan installment comes under the purview of civil dispute. In such a situation, the bank or any of its recovery agents cannot do their arbitrariness with the defaulter. The bank officer or recovery agent can call the defaulter only between 7 am to 7 pm. This will also be the time to come home. If the bank representative does not do this, then you can get the complaint done by calling.
What are the guidelines of RBI
- Banks should inform the customers about the details of the collection agency (bank or financial institution) in advance.
- The bank agent will have to keep a copy of the authorization letter and the bank’s notice at the time of meeting the defaulter.
- If the complaint is filed by the borrower, the banks are not allowed to send the recovery agents in the concerned matter until the said complaint is resolved.
- The Bank shall ensure that the grievances of the borrowers regarding the recovery process are properly addressed.
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