Rbi Guidelines: Under the new guidelines from RBI, now those who do not pay the loan will not face any problem. In such a situation, let us know about the new rules made by RBI in the news below…
Often people take many types of loans from the bank to meet their needs. The loan has to be repaid on the fixed date of every month. Sometimes, in these cases, many cases of arbitrariness and coercion of the recovery agents come to the fore. In which if people are unable to repay the loan on the fixed date, then the bank threatens them.
In the absence of information, people are unable to do anything. If people are aware of their rights then the recovery agents will not be able to harass them. On being harassed, the police and the consumer can file a complaint in the court and seek compensation.
First bank sends reminder-
Patiala House Court lawyer Mahmood Alam says that if you do not pay two EMIs of the loan, the bank first sends you a reminder. If you default on three consecutive installments of your home loan, the bank sends you a legal notice to repay the loan. But even after the warning, if you do not complete the EMI, then you will be declared a defaulter by the bank.
How will the recovery be done?
If a borrower dies, then in such a situation the bank recovers the loan from the insurance company. Apart from this, the bank can also recover this loan from the heirs of the borrower. If you do not repay the loan on time, then it spoils your record and your credit score deteriorates. In such a situation, you will not be able to get loan easily from the bank next time. If somehow you have taken a loan through jugaad, then you will get the loan at higher interest rates with strict terms and conditions.
How do banks detect defaulters?
Along with all your details, the bank has the phone numbers and addresses of three guarantors. So that they reach you easily. Even if you change your address,
Threatening someone is a crime
The Supreme Court has made it a crime to threaten, misbehave and harass through an agent for the recovery of debt. If any recovery agent intimidates and threatens you regarding the loan, then you should complain about it to the bank as well as to the police station. Failure to pay the installment comes under the ambit of civil dispute. In such a situation, the bank or any of its recovery agents cannot act arbitrarily with the defaulter.
What is the rule-
Many types of rules have been made regarding this. Like recovery agents can do recovery by going to recovery tribunal. According to RBI, loan agent is any taxpayer ie who has taken a loan. Can’t call her before 8 in the morning and after 7 in the evening. Even after this there are many rules which have to be followed. Along with this, the borrowers are also instructed not to send inappropriate messages.
There will be no jail for not repaying the loan.
If your reason for not being able to repay the loan is genuine, then the borrower will not be jailed. If the borrower dies suddenly, and if the bank has already realized this situation. So in this case, the bank has already insured the loan, the payment of which is taken from the borrower’s family. It is necessary to take the police along while recovering the loan.
