EMI - Bankers cannot harass you for not paying loan EMI, know RBI's guidelines
EMI - Nowadays, taking a loan has become easier than ever, especially when you need money immediately. However, sometimes it becomes difficult to repay the loan installments due to financial problems. Many times, in case of not being able to repay the loan, recovery agents harass the borrower. In such a situation, let us know what are the rights of the borrower?
News, Digital Desk- (Loan Recovery Agent) Nowadays, taking a loan has become easier than ever, especially when there is an urgent need for money.
Banks and mobile apps are providing the facility of loans from home. However, sometimes it becomes difficult to repay the loan installments due to financial problems. In such a situation, loan recovery agents often harass the borrower and put pressure on him to repay the installment, which becomes a big problem.
If recovery agents threaten you or harass you by calling repeatedly, know that this is illegal. Don't panic! Stay calm and exercise your rights.
You can take legal steps. This news explains in detail what rights you have in such a situation. This information will help you deal with this problem.
Why do recovery agents harass?
- When a person is unable to pay the loan installments on time, the bank appoints recovery agents. The job of these agents is to recover the outstanding amount.
Although the Reserve Bank of India has issued strict guidelines for recovery agents, often these agents violate these rules and mentally harass the loan taker. This is illegal and in such a situation, the loan taker should be aware of his rights.
- According to RBI rules, recovery agents cannot contact before 8 am and after 7 pm. Also, they cannot resort to threats or violence. If the agent violates these rules, complain about it to the bank and RBI's banking ombudsman.
- If the recovery agent is threatening you, using abusive language, or contacting you at inappropriate times (such as at night), immediately file a written complaint with the bank's customer service department. Include the agent's name, date, and details of the incident in the complaint.
- Not only this, if the recovery agent threatens you physically or exerts undue pressure on your home, you can immediately lodge a complaint at the nearest police station.
This is a legal offense, and the police can take action. If possible, record the recovery agent's calls, messages, or any threats for evidence.
- Also, if you are unable to repay the loan, contact the bank and explain your situation. Many banks offer options like loan restructuring, discount in installments, or a new repayment plan.